Oil plunged more than $5/barrel on lingering fears on demand outlook
Oil plunged more than $5/barrel on lingering fears on demand outlook
International benchmarks for crude oil plunged on Tuesday, 30 August 2022 on renewed concerns that major central banks continuing to increase interest rates would tip the economies into recession, hence hurting demand. Meanwhile, the unrest in Iraq has not affected the country’s exports.
Brent dived $5.78 or 5.5% to close at $99.31/barrel.
WTI fell $5.37 or 5.5% to settle at $91.64/barrel.