6/22, 8:56 AM (Source: TeleTrader)
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WTI down 5% on economic worries

Prices of oil futures dropped further on Wednesday after inflation hit another 40-year record in the United Kingdom, potentially causing additional concerns about a global economic downturn that could negatively affect demand. Meanwhile, United States President Joe Biden will reportedly try to pressure lawmakers to suspend the federal gasoline tax.

After falling by as much as 5%, West Texas Intermediate (WTI) for settlements in August decreased by 4.88% to sell for $104.18 per barrel at 2:49 am ET, while Brent for deliveries in the same month was down 4.83%, going for $109.36 per barrel a minute later.

Baha Breaking News (BBN) / MS