Jun 23, 2022 03:05AM ET
By: AnalysisWatch
Oil prices continued to fall on Thursday as investors reassessed the risks of a recession and the impact of rising interest rates in major economies on fuel demand.
West Texas Intermediate crude futures in the United States fell $1.44, or 1.3 percent, to $104.78 per barrel at 0643 GMT. Brent crude futures fell $1.33 to $110.40.
Both benchmarks were down as much as $3 a barrel in early morning Asian trade after falling about 3% in the previous session. They are at their lowest levels since mid-May.
Investors continue to weigh how worried they should be that central banks could push the global economy into recession as they try to curb inflation by raising interest rates.
Oil markets remained under pressure as investors feared that rising U.S. interest rates would slow the economic recovery and reduce demand for fuel.
On Wednesday, President Vladimir Putin said Russia was in the process of shifting its trade and oil exports to BRICS countries, which includes emerging economies, as a result of Western sanctions over Ukraine.
Russia's crude oil imports from China in May rose 55 percent from a year earlier to a record level.
Meanwhile, U.S. President Joe Biden called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record prices at the pump and provide temporary relief for American families this summer.
The U.S. Energy Information Administration said its weekly oil data, due to be released Thursday, will be delayed due to systemic problems until at least next week.
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