09:37 - 05-12-2022
Oil prices fell more than 1% on Thursday in a volatile week, as economic concerns and fears of recession negatively affected global financial markets, outweighing concerns about supplies and tension in Europe.
Brent crude futures fell $1.25, or 1.2 percent, to $106.26 a barrel by 0303 GMT. US West Texas Intermediate crude futures fell $1.24, or 1.2 percent, to $104.47 a barrel.
Oil prices are under pressure this week, along with global financial markets, amid concerns about rising interest rates, the dollar's rise to a two-decade high, and worries about inflation and a possible recession. The prolonged lockdown to combat COVID-19 in China, the world's largest importer of crude, has also affected the market.
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