Oil prices fall on recession fears, on track for third weekly loss
Oil prices fell on Friday, extending the previous day’s plunge, as lingering fears of a recession weighed on sentiment, putting the benchmarks on track for their third straight weekly losses.
Brent crude futures were down 43 cents, or 0.4%, at $108.60 a barrel by 0653 GMT, giving up earlier gains of more than $1.
WTI crude futures for August delivery slid 60 cents, or 0.6%, to $105.16 a barrel, also surrendering an early gain of nearly $1.
Both contracts fell around 3% on Thursday.
“Earlier in the session, the market took a breather from Thursday’s sell-off as the OPEC+ gave no surprise, saying it would stick to its planned oil output hikes in August,” said Tsuyoshi Ueno, senior economist at NLI Research Institute.
