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8/8, 1:37 AM (Source: TeleTrader)
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Oil drops on demand concerns

Prices of oil futures dropped on Monday as concerns over a possible recession have yet again dampened the demand outlook.

The latest report on the United States labor market showed better-than-expected results, which led many to believe that the Federal Reserve might make another aggressive rate hike move at its next meeting, which in turn raised worries over a further economic slowdown. The traders will be paying close attention to the newest inflation reports from all across the globe, due later this week, to gain clues on the current state of the global economy.

West Texas Intermediate (WTI) for settlements in September tumbled 1.13% to sell for $88.00 per barrel at 1:25 am CET, while Brent for deliveries in October declined 1.07%, going for $93.90 per barrel a minute later.

Baha Breaking News (BBN) / AY