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Oil prices dropped more than 1% on Thursday in a volatile week as economic concerns and recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.Oil prices are under pressure this week, along with global financial markets, on jitters over rising interest rates, the strongest U.S. dollar in two decades, concerns over inflation and possible recession. Prolonged COVID-19 lockdowns in world’s top crude importer China have also impacted the market.However, supply concerns stemming from Russia’s invasion of Ukraine have bolstered the market, with prices rising over 35% so far this year. A pending European Union ban on oil from Russia, a key EU supplier of crude and fuels, that could further tighten global supplies is underpinning prices.That created unease in the market at the same time that Russian natural gas flows to Europe via Ukraine fell by a quarter. It was the first time exports via Ukraine have been disrupted since the invasion.Price gains have been limited by worries about demand destruction in China, as it attempts to curb the spread of the coronavirus.
