Oil Prices Slump On Recession Fears

Oil price have softened and are currently hovering around $108 U.S. a barrel as fears of a
recession continue to weigh on the global energy market.

West Texas Intermediate crude oil, the U.S. benchmark, is currently at $108.15 U.S. after
posting back-to-back weekly losses. Brent crude oil, the international standard, is trading at
$113.96 U.S. per barrel.

Oil prices are in danger of recording their first monthly decline in June since last November as
central banks around the world raise interest rates to cool red hot inflation.

Leaders from the Group of Seven (G7) leading industrialized nations met over the weekend and
discussed a potential price cap on Russian oil, but an agreement has yet to be reached.

Energy traders have also been watching for a resumption of talks on the Iranian nuclear deal,
which would see crude oil from Iran begin to flow back onto global markets, easing supply
constraints.