Oil extended loses on recession fears

International benchmarks for crude oil extended the weakening trend on Thursday, 4 August 2022, falling to the lowest levels since before Russia’s aggression against Ukraine. The market is growingly fretted over a potential economic recession later this year that could topple demand. 

Brent fell $2.66 or 2.75% to settle at $94.12/barrel. 

WTI loses another $2.34 or 2.12% to close at $88.54/barrel.