WTI Crude Oil Extends Losses Below $104 Levels

23 Jun 2022 , 03:01 PM

Crude oil extends losses near six-week lows as concerns over recession its impact on fuel demand weighed down investor sentiment. Central banks worldwide tightening policy rates to curb soaring inflation is seen dragging down growth prospects. U.S. Federal Reserve chief Jerome Powell said on Wednesday the central bank was not trying to engineer a recession to stop inflation but was fully committed to bringing prices under control even if doing so risked an economic downturn. Meanwhile, recovery in dollar to 104 levels is also weighing on oil prices, as a strong greenback makes oil purchases more expensive for holders of other currencies. WTI crude oil futures are currently lower by more than 2% at 103.98. Meanwhile, the American Petroleum Institute (API) reported a build this week for crude oil of 5.607 million barrels, the biggest rise since mid-February, further adding pressure on oil prices. Powered by Commodity Insights