NEW YORK, June 22 (Xinhua) — Oil prices fell on Wednesday as demand worries returned to the market.
The West Texas Intermediate for August delivery lost 3.33 U.S. dollars, or 3 percent, to settle at 106.19 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery decreased 2.91 dollars, or 2.5 percent, to close at 111.74 dollars a barrel on the London ICE Futures Exchange.
The pullback came as traders grew concerned that the central banks’ aggressive steps to combat inflation would slow growth and hurt demand for fuel.
In his testimony to U.S. Congress on Wednesday, Federal Reserve Chair Jerome Powell said that the central bank is trying to bring inflation down without inflicting too much damage, but the Fed’s aggressive rate hikes could tip the U.S. economy into recession.
Oil participants also waited for data on U.S. fuel inventory as the Energy Information Administration is set to release its weekly petroleum status report on Thursday. Analysts surveyed by S&P Global Commodity Insights forecast the U.S. crude inventories to show a fall of 3.7 million barrels for the week ending June 17.
- Donald Trump announces emergency action on the plunging oil price saying he will find a way to keep energy companies afloat – after dismissing it as 'a financial thing'
- Coronavirus live updates: Martinez oil refinery to halt production temporarily
- Wall Street’s bulls triumph in a week of doubt and dismal data
- The Man Who Started Earth Day
- Coronavirus news from the Bay Area: March 14-15
Oil prices drop as demand worries dominate have 246 words, post on www.thestar.com.my at June 23, 2022. This is cached page on Asean News. If you want remove this page, please contact us.