Oil prices drop amid economic concerns

Economy/International

19-08-2022, 14:52

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Source-INA

Oil prices fell, today, Friday, after two days of recording gains, and they are on the way to incur a weekly loss due to pressures from the strength of the dollar and fears of a global economic slowdown .

Crude futures fell 1.25%, or $1.2, to $95.38 a barrel, and US West Texas Intermediate crude recorded 1.23%, or $1.1, to $89.39 .

The two benchmark contracts are heading to record weekly losses of close to 3 %. The dollar's strength increased the cost of oil to holders of other currencies, while Asian and European stocks witnessed a decline .

In a sign that the oil supply bottleneck is easing, the gap between the spot price of Brent and the second nearest maturity futures contract has decreased by nearly five dollars than at the end of July .