2023.06.2309:55:00UTC+00Oil Extends Losses As Global Growth Worries Mount

Oil prices tumbled on Friday to extend losses from the previous session on worries that high inflation and rising interest rates would weigh on global growth.

Benchmark Brent crude futures fell 1.50 percent to $73.03 a barrel, while WTI crude futures were down 1.6 percent at $68.39.

Global growth concerns weighed on oil prices following hawkish comments and rate actions from a slew of central banks.

Business activity growth in Europe slowed in June - data showed earlier in the day, adding to the gloom.

As recession worries mount, investors ignored data from the Energy Information Administration (EIA) showing that crude inventories in the U.S. fell by 3.8 million barrels last week, as against forecasts for a rise of 300,000 barrels.

Gasoline stocks increased by about 480,000 barrels last week, nearly five times the expected rise while distillate stockpiles rose by about 430,000 barrels in the week, as against an expected increase of 700,000 barrels, the EIA data revealed.