TOKYO/SINGAPORE: Oil prices continued to pull back on Thursday, dropping more than 2% as investors recalibrated assessments of recession risks and fuel demand amid interest rate hikes in major economies.
U.S. West Texas Intermediate (WTI) crude futures had skidded $2.6, or 2.7%, to $103.46 a barrel by 0330 GMT. Brent crude futures slid $2.5, or 2.3%, to $109.22 a barrel.
Both benchmarks tumbled by as much as $3 a barrel in the early morning of Asian trading, after plunging around 3% in the previous session. They are at their lowest levels since mid-May.
