The price of North Sea oil Brent around 18:00 CET showed a decline of about 0.4 percent to $ 111.27 per barrel. US light oil West Texas Intermediate (WTI) at the same time lost almost 0.7 percent to $ 105.49 per barrel.
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“Fears of a recession have prevailed in the markets, but it is more of a decline in optimism than an increase in pessimism,” said Norius Rucker, an analyst at Julius Baer.
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The head of the US Federal Reserve (Fed) Jerome Powell on Wednesday expressed his determination to take the necessary steps to reduce inflation. However, he added that the Fed does not want to cause an economic recession by fighting inflation.
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According to him, the American economy is currently very strong and is in a good position to deal with tighter monetary policy.
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The United States is the largest economy and the largest consumer of oil in the world.
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Oil prices have recently been pushed up by Western sanctions on Russia, targeted by Russian oil exports, among others.
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However, Russia continues to secure alternative customers for its oil, Reuters reported.
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Oil imports from Russia to China, for example, increased by 55 percent year on year in May, reaching a record high. Russia has shut down Saudi Arabia from being a major oil supplier to China.
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Oil prices in dollars per barrel (about 159 liters):
| STORM | TYP | CONTRACT | ACTUAL PRICE | PREVIOUS CONCLUSION |
| London – ICE | Brent | August | 111,27 | 111,74 |
| New York – NYMEX | WTI | August | 105,49 | 106,19 |
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