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Oil prices fell to their lowest level in three weeks

2022-06-17T18:40:28.164Z

London, SANA- Oil prices fell today about 5% to their lowest level in three weeks, driven by the decline in the oil market



London-Sana

Oil prices fell today about 5 percent to their lowest level in three weeks, driven by the decline in US gasoline futures, while raising interest rates by major central banks raised fears of a sharp economic slowdown.

Reuters reported that Brent crude futures fell $5.85, or 4.9 percent, to $113.96 a barrel, while US West Texas Intermediate crude fell $6.66, or 5.7 percent, to $110.93.

Brent crude is heading for its first weekly decline in five weeks, while US crude is heading for its first decline in eight weeks, with growing fears that raising interest rates could lead to a recession.

And these concerns helped in the pressures that led to a drop in US gasoline futures more than 7 percent, with analysts worried that high gasoline prices will begin to affect demand for fuel.

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Source: sena

All business articles on 2022-06-17

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