Oil market continued to fall on growing concerns over slow economic growth

International benchmarks for crude oil fell nearly $2/barrel on Thursday, 23 June 2022 as investors pare their positions in high-risk assets while assessing the economic outlook. The Federal Reserve said its focus on curbing inflation was unconditional and the strong labour market might be unsustainable, stoking fear that the central bank might be more aggressive in the next interest rate hike.

Brent shed $1.69 or 1.5% to settle at $110.05/barrel.

WTI dropped $1.92 or 1.8% to close at $104.27/barrel.