Singapore June 29 2022: Oil prices fell on Wednesday after rising in the previous three sessions as the market tussled between concerns about the global economy and tight global oil supplies.
Brent crude futures for August dropped 84 cents, or 0.7%, to $117.14 a barrel by 0444 GMT. The August contract will expire on Thursday and the more-active September contract was at $113.17, down 63 cents, or 0.6%.
U.S. West Texas Intermediate (WTI) crude futures slid 54 cents, or 0.5%, to $111.22 a barrel.
Both contracts rose more than 2% on Tuesday as concerns over tight supplies due to Western sanctions on Russia outweighed fears of that demand may slow in a potential future recession.
“The market is stuck in the push-pull between the current deteriorating macro backdrop and the looming threat of a recession, pitted against the strongest fundamental oil market set up in decades, maybe ever,” RBC Capital’s Mike Tran said in a note.
