WTI crude futures fell more than 1%, falling below $120 today. After China announced new lockdown measures in Shanghai.
Oil prices were also hit after the U.S. released a higher-than-expected consumer price index (CPI). This may cause the US Federal Reserve (Fed) to accelerate interest rates to curb inflation.
At 10 p.m. Thai time, the West Texas Intermediate (WTI) crude oil contract for delivery in July. Trading on the NYMEX was down $2.12, or 1.76 percent, to $119.39 a barrel.
However, although WTI oil prices fell today But it is likely to increase this week for the 7th consecutive week.
Chinese authorities have announced new lockdown measures in parts of Shanghai to curb the spread of COVID-19. After just announcing the end of lockdown measures on June 1
In addition, investors are worried that the US economy will face a recession. after expecting the Fed to accelerate interest rate hikes After the release of the consumer price index (CPI) that was higher than expected today.