Oil prices continue to fall midday Monday

An aerial view of Exxon Mobil’s oil refinery, in Beaumont, Texas, in March 2023. 

Bing Guan/Reuters

Oil prices were still lower by Monday midday.

West Texas Intermediate crude futures, the US benchmark, fell 0.8%, to $72.92 a barrel. Brent crude futures, the international benchmark, declined 0.1%, to $76.31 a barrel.

Crude prices have tumbled recently on concerns that a US recession could hurt oil demand. While there are no immediate signs of a recession, unemployment has risen for the past four months and interest rates remain at a 23-year high. Concerns about weak Chinese demand are also weighing on prices.

That’s despite fears that the Israel-Hamas war could widen after Iran threatened to avenge the killing of Hamas’ political leader in Tehran last week. Oil prices surged when the war first broke out last year, as investors worried that it could spread to other oil-producing areas of the Middle East.