Fears of recession leads fall in oil prices again

SULAIMANI (ESTA) — Oil prices fell on Friday, Brent crude futures were down 43 cents, or 0.4%, at $108.60 a barrel by 0653 GMT, giving up earlier gains of more than $1.

(WTI) crude futures for August delivery slid 60 cents, or 0.6%, to $105.16 a barrel, also surrendering an early gain of nearly $1. Both contracts fell around 3% on Thursday.

Oil has surged in 2022 as Russia’s invasion of Ukraine compounded supply concerns. Brent hit $139, the highest since 2008, in March. The prices are expected to stay above $100 a barrel this year as Europe and other regions struggle to wean themselves off Russian supply, economic risks could slow the climb according to Reuters.

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