7/5, 4:13 PM (Source: TeleTrader)
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WTI tumbles almost 7% amid recession fears

The prices of crude oil extended losses on Tuesday as concerns related to a possible recession in western economies continued to trouble investors.

Commenting on the state of the market, OPEC Secretary-General Mohammad Barkindo blamed underinvestment as the reason behind the latest market tightening. However, he asserted oil demand would continue to grow over the next decades. Meanwhile, the German government hasn't ruled out the possibility of the country intervening in the pricing of Russian gas.

West Texas Intermediate for settlements in August declined 6.80% to $102.97 per barrel at 10:12 am ET, while Brent for September settlements sank 5.73% to $106.99 a barrel.

Baha Breaking News (BBN) / ND