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7/12, 4:12 PM (Source: TeleTrader)
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Oil prices plunge further, down over 6%

Prices of oil futures continued to drop on Tuesday after OPEC shared that the global demand will slow down in 2023.

Namely, the crude demand is expected to amount to 2.7 million barrels per day (bpd) in 2023, decreasing from the forecasts of 3.4 million barrels per day (bpd) for 2022, OPEC revealed in its monthly oil market report for July. In the meantime, investors are also showing concerns over a possible recession in Europe, as the energy crisis in the bloc continues.

West Texas Intermediate (WTI) for deliveries in August slid 6.59% to $97.22 per barrel at 10:03 am ET, while Brent for September settlements nosedived 6.35%, selling for $100.36 per barrel a minute later.

Baha Breaking News (BBN) / AY