Price Futures Group’s Phil Flynn reacts to the pressure at the pump on ‘Fox Business Tonight.’
Oil prices slipped Thursday night on concerns demand could be affected by an economic downturn.
There are also concerns over new sanctions against Russia from the European Union, including an embargo on crude oil.
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U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.3%, to $107.93 a barrel.
Brent futures fell 37 cents, or 0.3%, to $110.53 a barrel.
Strategic Petroleum Reserve in Freeport, Texas REUTERS/Richard Carson (REUTERS/Richard Carson / Reuters Photos)
Additional concerns entered the picture as the Bank of England warned that Britain risks a double-whammy of a recession and inflation above 10% as it raised interest rates to their highest since 2009.
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The BoE raised rates by a quarter of a percentage point to 1%.
Meanwhile, Wall Street stocks tumbled as investors shed risky investments, worried the Fed might hike rates more this year to tame inflation.
On supply, OPEC+ agreed, as expected, to another modest monthly increase in oil output. The agreement is to raise June production by 432,000 barrels per day.
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silhouette of working oil pumps on sunset background
The EU sanctions proposed against Russia need unanimous backing from the 27 countries in the group. The sanctions would phase out imports of Russian refined products by the end of 2022. They would also ban all shipping and insurance services for transporting Russian oil.
Reuters contributed to this report.
