Oil futures settle sharply lower, with U.S. prices below $100 a barrel

0
19

Oil futures fell sharply on Tuesday, with U.S. prices below the $100-a-barrel mark – at their lowest in more than two months, pressured by strength in the U.S. dollar and concerns over a possible recession that would hurt energy demand. WTI oil’s fall was “inevitable as the market rebalances after fears of sanctions give way to the realities of Russian sales to new buyers in Asia, and the impact of high prices on demand and the economy become increasingly apparent,” said Michael Lynch, president at Strategic Energy & Economic Research. West Texas Intermediate crude for August delivery CLQ22, +0.98% fell $8.93, or 8.2%, to settle at $99.50 a barrel on the New York Mercantile Exchange, the lowest front-month finish since April, according to Dow Jones Market Data.

This article was originally published by Marketwatch.com. Read the original article here.

Previous article: Senators urge FTC to investigate TikTok over how it handles U.S. user data
Next articleDow Jones Newswires: Chinese restaurant operators slip as COVID-19 cases climb

LEAVE A REPLY

Please enter your comment!
Please enter your name here