Recession scares drag oil prices down, WTI sinks 4.5%

Recession scares drag oil prices down, WTI sinks 4.5%
# 23 September 2022 17:26 (UTC +04:00)

The prices of oil futures dramatically dropped during the Friday session, with economic uncertainty in the limelight, APA reports citing Tele Trader.

Namely, central banks' fierce fight against rampant inflation has raised concerns among traders that the global markets could be headed for a recession, which seemingly dampened the crude demand outlook.

West Texas Intermediate (WTI) for settlements in November nosedived 4.53% at 9:18 am ET to sell for $79.71 per barrel, while Brent for the same month's deliveries plunged 3.88%, selling for $86.91 per barrel, simultaneously.

#
#

THE OPERATION IS BEING PERFORMED