6/20, 10:47 AM (Source: TeleTrader)
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Oil down as recession worries grow

Prices of crude oil futures decreased on Monday as the global market still remains under impression that the monetary tightening measures throughout the world could push the global economy into a recession.

Concerning potential oil supply rise, Iran said earlier in the day it is ready for a "good" nuclear deal, while Russia stated late last week that it expects to increase its oil exports this year and data reports showed that the United States has four new oil rigs.

West Texas Intermediate (WTI) for settlements in August decreased by 0.98% to sell for $106.93 per barrel at 4:35 am ET, while Brent for deliveries in the same month was down 1.26%, going for $111.78 per barrel a minute later.

Baha Breaking News (BBN) / MS