Oil slips more than 1%

Oil slips more than 1%

Oil prices dropped more than 1% on Thursday in a volatile week as economic concerns and recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.

Brent crude futures slipped $1.25, or 1.2%, to $106.26 a barrel by 0303 GMT. WTI crude futures fell $1.24, or 1.2%, to $104.47 a barrel.

Yesterday, the cost of a futures contract for Brent crude oil with settlement in July 2022 on the London ICE exchange added more than 5% to the close of the previous session and reached $107.59 per barrel.

By 05:43 pm Moscow time, the price of Brent oil rose to $107.64 (+5.1%). As of 05:55 pm Moscow time, the oil price growth slowed down to 4.98% the cost of a barrel reached $107.52. The cost of WTI oil rose by 5.6% to $105.38 per barrel.

Oil prices are under pressure this week, along with global financial markets, on jitters over rising interest rates, the strongest U.S. dollar in two decades, concerns over inflation and possible recession. Prolonged COVID-19 lockdowns in world's top crude importer China have also impacted the market.