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Another drop in oil prices

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Another drop in oil prices

Oil prices eased on Friday as lingering worries about a slowdown in demand weighed on sentiment, sending benchmarks on track for a third straight week of losses.

Brent was down 20 cents, or 0.2%, at $108.83 a barrel, while WTI was down 0.4% at $105.39 a barrel.

“Earlier in the session, the market recovered slightly from Thursday’s sell off (they were down 3%) as OPEC+ pulled no surprises, saying it would stick to planned increases in oil production in August,” said an economist at NLI Research Institute.

“But uncertainty about OPEC+ policy through and beyond September and concerns that aggressive rate hikes by the US central bank will push the US into recession and hit fuel demand are weighing on sentiment,” adds own.

Source: Capital

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