Oil prices fall in choppy trading, Brent rises above $100

Oil prices fell in choppy trading today, July 6, amid continued fears about global economic recession and crude demand.
 

The Federal Reserve members have recently stated that the bank is ready to raise interest rates aggressively to stop the acceleration of inflation, even if this results in economic slowdown.
 

Outlook for oil demand is likely to see further downward revisions, due to higher prices, Bloomberg reported, citing Ed Morse, Global Head of Commodities Research at Citigroup.
 

Today, Melle Kyari, CEO of the Nigerian National Petroleum Corporation, announced on Twitter that Mohamed Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), has passed away at the age of 63.
 

Brent crude futures for September delivery fell 2%, or $2.08, to $100.69 a barrel. The US NYMEX crude for August delivery also dropped 1%, or 97 cents, to $98.53 a barrel.