Oil prices fall amid fears of recession in global economy

Oil prices fell about 2% on June 23 morning, investors are worried about the possibility of a recession, Report informs referring to the auction data.

The price of August futures for Brent crude fell by 1.92% to $109.59 per barrel, August futures for WTI - by 2.17% to $103.89.

Fears that an increase in interest rates by central banks could lead to a recession in the global economy and, as a result, a decrease in energy consumption contribute to the fall in oil prices on June 23.

In addition, the American Petroleum Institute (API) reported that commercial oil inventories in the US for the week to June 17 increased by 5.6 million barrels, analysts had forecast a decrease of 1.4 million barrels.