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7/25, 8:16 AM (Source: TeleTrader)
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Oil prices drop on demand concerns

Oil futures prices fell on Monday as traders worried about demand ahead of the Federal Reserve's upcoming meeting on raising interest rates, which could cut the country's fuel demand growth, the world's largest consumer.

The Federal Reserve is expected to raise the benchmark borrowing rate by 75 basis points to lower demand and ease price pressures. In addition, the falling prices of the commodity are seemingly prompted by the growing number of COVID-19 cases across Asian countries.

West Texas Intermediate (WTI) for settlements in September dropped by 0.64% going to $94.09 per barrel at 2:19 am ET, while Brent for the same month's deliveries decreased by 0.93% to sell by $102.64 per barrel at the same time.

Baha Breaking News (BBN) / AB