Zhitong Finance APP noted that oil prices fell for the third consecutive week, the longest decline this year, due to concerns that a potential economic recession will cut energy demand. It is understood that WTI crude oil futures prices fell to around US$106 per barrel after fall

Zhitong Finance APP noted that oil prices fell for a third consecutive week, the longest decline this year, on concerns that a potential economic recession will cut energy demand.

It is understood that WTI crude oil futures prices fell on Thursday due to the sharp drop in commodity prices, and the price reached around 106 US dollars per barrel. Benchmark crude oil futures prices have fallen more than 1% this week, despite signs that the crude oil spot market remains very tight.

Benchmark crude oil futures fell along with commodity prices on recession concerns

Data this week showed weakness in U.S. consumer spending, which is particularly important for growth in GDP. Earlier this year, the Federal Reserve vigorously tightened monetary policy to curb inflation. Oil prices fell about 8% in June as investors worried about a possible slowdown in the global economy, undermining a rally fueled by conflict between Ukraine and Russia, supply disruptions and rising demand. The surge in oil prices has worried U.S. President Joe Biden, who has been pushing Middle Eastern oil-producing countries to increase crude oil production. Zhou Mi, an analyst at

Chaos Research Institute, said: "Oil prices are likely to continue to fluctuate." Zhou Mi believes that although the crude oil market still has tight supply and demand, which has provided support for high oil prices, rising recession concerns will provide support for oil prices. Bringing pressure and squeezing refinery profits.

It is reported that Biden will travel to the Middle East later this month to urge Saudi Arabia and the United Arab Emirates to further increase oil supplies. There are signs that current demand in the United States remains strong, with a record number of drivers expected to take to the road this weekend to travel during the Independence Day holiday. The average retail price of gasoline hit a record of more than $5 a gallon in June, but has fallen slightly in recent weeks.

The crude oil futures price difference between different delivery days continues to send positive signals. The Brent crude spot spread, or the difference between the two contracts with the closest delivery date, was $3.48 a barrel, up from $2.73 a month ago.