7/12, 10:07 AM (Source: TeleTrader)
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Oil down 2% ahead of Biden's trip to Middle East

Prices of oil futures decreased by over 2% on Tuesday as market participants assessed United States President Joe Biden's chances of negotiating an increase in oil production from OPEC countries during his trip to the Middle East later this week.

Another coronavirus wave in Asia and global economic downturn concerns could threaten demand for crude.

West Texas Intermediate (WTI) for settlements in August fell by 2.32% to sell for $101.68 per barrel at 3:54 am ET, while Brent for deliveries in September lost 1.94%, going for $104.04 per barrel concurrently.

Baha Breaking News (BBN) / MS