7/6, 3:53 PM (Source: TeleTrader)
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Oil turns to losses as demand worries mount

Prices of oil futures turned to losses during Wednesday's volatile session, as concerns over the demand continue to mount, with recession woes growing.

Investors are currently awaiting the Federal Open Market Committee's (FOMC) latest minutes in order to get clues about the future course of monetary policy, as raising interest rates to fight inflation could potentially tip the global economy into a recession.

West Texas Intermediate (WTI) for settlements in August lost 1.37% at 9:42 am ET, to sell for $98.29 per barrel. A minute later, Brent for September settlements declined 1.04% to go for $101.89 per barrel.

Baha Breaking News (BBN) / AY