Baku 20˚C Sunny

Recession scares drag oil prices down, WTI sinks 4.5%

News 17:32 23 Sep, 2022
Recession scares drag oil prices down, WTI sinks 4.5%

The prices of oil futures dramatically dropped during the Friday session, with economic uncertainty in the limelight,Qazet.az  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.