Oil prices drop 4%, hurt by renewed economic fears

22/06/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices declined on June 22 amid renewed economic concerns despite the decline in US oil stocks.

 

US oil stocks declined 3.8 million barrels last week, but rose 10.7% compared with the same period a year earlier.

 

International benchmark Brent crude for August delivery fell 3.85%, or $2.98, to close at $74.14 a barrel.

 

West Texas Intermediate (WTI) crude for August delivery also dropped 4.15%, or $3.02, to $69.51 a barrel.

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