Oil prices sharpen decline on global recession concerns

Oil prices declined in European trade for another session, hitting week lows amid concerns about a global economic recession.

Oil Prices

US crude fell 2.05% to $100.47 a barrel, while Brent shed 2% to $103.31 a barrel, after US crude lost 7.4% yesterday, while Brent shed 7.1%, the largest loss since late March.

Global recession

Concerns about a global recession and subsequent decline in oil demand are hurting oil prices.

Recent data showed Chinese exports rose by the slowest rate in two years amid a Covid 19 wave.

EU

EU sources said that a proposition to ban Russian oil supplies is likely to be refused by several countries such as Greece.

It's becoming clear that Europe's dependence on Russian gas and oil is hampering any plans for total bans on Russian supplies, in turn pressuring oil prices.