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Gold prices fell in early Asian trade today after data on US inventories showed a build-up in crude oil and refined products amid growing fears of a global economic slowdown, Reuters reported.

Brent crude fell 68 cents, or 0.7 percent, to $98.81 a barrel, while U.S. light crude fell $72 to $95.12 a barrel, a three-month low.

Investors are selling oil positions on fears that aggressive interest rate hikes to stem inflation will trigger an economic downturn that will hit demand for the black gold.

Oil became cheaper by nearly 2%

Prices fell more than 7 percent in the previous session amid volatile trading.

China's renewed anti-Covid travel restrictions also pressured the market.

Meanwhile, U.S. crude oil inventories rose by about 4.8 million barrels for the week ended July 8.

Gasoline stocks - by 3 million barrels, and distillates - by about 3.3 million barrels, according to market sources citing data from the American Petroleum Institute.

oil prices