7/21, 9:54 AM (Source: TeleTrader)
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Oil prices fall as demand woes linger

Prices of crude oil futures fell on Thursday, as the demand worries are seemingly overriding tight supply concerns. Shanghai city authorities previously ordered weekly virus testing until August 31, as China continues to grapple with the Covid-19 pandemic, which has possibly raised fears over the future demand for crude.

On the supply side, there is a lot of uncertainty, as the discussions on introducing a price cap on Russian oil are still underway.

West Texas Intermediate (WTI) for settlements in September lost 1.26% to sell for $98.62 per barrel at 3:43 am ET, while Brent for the same month's deliveries declined 1.08%, going for $105.84 per barrel a minute later.

Baha Breaking News (BBN) / AY