Fears Of A Global Recession In The Global Market Decline Of Oil Prices


Baghdad Oil prices fell today, Monday, as fears of a global recession affected the market, even as supply shortages persisted amid lower OPEC production, turmoil in Libya and sanctions imposed on Russia.

Brent crude futures for September were down 21 cents, or 0.19%, at $111.42 a barrel, after jumping 2.4% on Friday.

US West Texas Intermediate (WTI) crude futures for August delivery fell 22 cents, 0.21%, to $108.20 a barrel, after rising 2.5% on Friday.

US consumer sentiment fell to a record low in June despite a marginal improvement in inflation expectations, with the Federal Reserve saying its commitment to reining in inflation was "unconditional" and there were growing fears of a rate hike.

Source: National Iraqi News Agency