TELETRADER News
7/20, 9:47 AM (Source: TeleTrader)
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Crude drops over 1% as European gas jumps 10%

Prices of crude oil dropped more than 1% on Wednesday as oil inventories in the United States increased by 1.86 million barrels in the week ending July 15. Meanwhile, Russian President Vladimir Putin warned that prices will "skyrocket" if the West decides to impose a cap on Russian oil imports.

West Texas Intermediate (WTI) for settlements in September fell by 1.99% to sell for $98.90 per barrel at 3:36 am ET, while Brent for deliveries in September decreased by 1.59%, going for $105.65 per barrel at the same time.

The price of European gas surged over 10% with recession worries in Europe persisting in case of shortages. UK natural gas futures for delivery in August jumped 10.82% to 245.000 pence per therm at 4:09 am ET.

Baha Breaking News (BBN) / DJ