Crude prices plunge over 3% on economic woes

Crude prices plunge over 3% on economic woes
# 06 December 2022 22:22 (UTC +04:00)

Crude oil prices continued to decline on Tuesday as economic uncertainty weighed on global commodity markets, as inflationary pressures grew following the recent data in the United States, APA reports citing Teletrader.

The stronger-than-expected labor data and modest recovery of the country's services sector also helped shortly shrug off fears of a recession, allowing the Federal Reserve to move in the direction of a tighter monetary policy.

However, persistent concerns over economic slowdown continued to grow in leading western economies, while markets struggled for direction following the recently imposed price ceiling on the Russian commodity that could limit its supply.

West Texas Intermediate (WTI) for deliveries in January slumped by 3.22% to sell at $74.52 per barrel at 12:26 pm ET, while for the same month's settlements, Brent plunged 3.33% to go for $79.90 per barrel.

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