Brent crude falls below $107, heads for second-straight weekly gains

Oil prices showed varied performance, today, July 29, as Brent crude fell amid worries about an economic recession, but still heading for the second-straight weekly gains.

Brent crude futures for September delivery fell 0.22%, or about $0.24, to $ 106.90 a barrel, at 09:11 am Makkah time, but they are still nearly 5% higher this week.

Meanwhile, US West Texas Intermediate (WTI) crude futures for September delivery rose 0.32%, or $0.31, to $96.73 a barrel, bringing its weekly gains to 3%.

However, Brent crude and WTI futures are likely to record the first-consecutive monthly decline since 2020, amid worries about global economic slowdown that increased selling pressures in all markets. Both Brent crude and WTI futures have dropped 2.02% and 8 82% in July so far.

The US economy contracted by 0.9% during the second quarter of 2022, marking the second-consecutive quarterly decline, US data released, on July 28, showed.

This contributed to creating uncertainty over the US economic recession as the Federal Reserve continues to tighten monetary policy.