International oil prices fell by more than 1%

International crude oil prices fell more than 1% in trading on May 22. Brent crude futures for July delivery fell about 1.22% to $70.68 a barrel; West Texas Intermediate crude futures fell about 1.22% to $70.68 a barrel.

The Saudi “Middle East News” reported that the Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Haitham Ghaith said at a meeting in Dubai on May 22 that there were concerns about a global economic recession in the market, leading to price falls. He also said a lack of investment in the oil and gas sector could lead to long-term market volatility and threaten growth. OPEC estimates that the world needs $12.1 trillion in investments in the long run to meet rising oil demand.