Melbourne (Archyde.com)
Oil prices fell regarding one dollar yesterday, in volatile trading, following concerns regarding a recession and China’s restrictions to combat Covid-19 overshadowed persistent concerns regarding a supply shortage.
Brent crude futures fell 82 cents, or 0.8 percent, to $ 106.20 a barrel by 0314 GMT. US West Texas Intermediate crude futures fell $1.04, or 1%, to $103.75 a barrel. Trading was thin due to a public holiday in parts of Southeast Asia.
The contracts of both crudes recorded a weekly decline last week, following fears that rising interest rates to curb inflation might lead to a recession and weaken demand for oil dominated the market.