Oil tumbles 3%, Brent slips below $111

Oil drilling rigs

Oil prices declined today, June 22, heading towards monthly losses, amid recession concerns in the US due to higher interest rates.

International benchmark Brent crude slumped 3.35% to $110.81 per barrel, at 9:07 am GMT.

West Texas Intermediate (WTI) crude fell 3.97% to $105.17 a barrel.

US Federal Reserve Chairman Jerome Powell is due to testify before Congress later today on his efforts to curb inflation.

Meanwhile, the International Energy Forum noted that global oil investment will remain stagnant this year, and may even decline as producers deal with high inflation and price volatility due to the Russian war in Ukraine, Bloomberg reported.