Oil drops on fears over weaker demand

Oil prices dropped on Thursday, as investors were worried that aggressive interest rate hikes from global policymakers would slow economies and dent fuel demand, while renewed restrictions to curb COVID-19 in China also added pressure, News.Az reports citing Reuters. 

Brent crude futures fell 53 cents, or 0.6%, to $95.11 a barrel by 0454 GMT. U.S. West Texas Intermediate (WTI) crude futures slid 58 cents, or 0.7%, to $89.97 a barrel.


You Might Also Like