Oil Extends Falls as Investors Assess Recession Risks

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on June 13, 2022. Picture taken with a drone. Tatiana Meel/Reuters

LONDON—A retreat in oil prices continued on Thursday as investors reassessed the risks of recession and how fuel demand will be affected by rising interest rates.

Brent crude futures fell by $1.47, or 1.3 percent, to $110.27 by 0949 GMT, having dropped as low as $108.04 earlier in the session.