Oil prices extend losses on fears of economic slowdown | Reuters

Oil prices extend losses on fears of economic slowdown | Reuters

Oil prices fell on Thursday, following earlier gains, on concerns that high fuel prices could hurt economic growth, but planned easing of restrictions in Shanghai and a tight supply outlook capped losses.

Brent crude futures for July were down $1.25, or 1.2%, at $107.86 a barrel by 0932 GMT. U.S. West Texas Intermediate (WTI) crude futures for June fell $1.96, or 1.8%, to $107.63 a barrel.

Front-month prices for both benchmarks fell about 2.5% on Wednesday.

"Slumping stocks led by the US retail sector raised concerns about growth, and with that, demand for fuels," Saxo Bank analyst Ole Hansen said.

Heavy falls on European and Asian stock markets followed Wall Street's worst day since mid-2020, as stark warnings from some of the world's biggest retailers underscored just how hard inflation is biting. read more