8/12, 4:57 PM (Source: TeleTrader)
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Crude prices slip on demand concerns

Crude oil prices plummeted on Friday as concerns over demand rose after OPEC reduced its demand growth forecast by 300,000 barrels per day.

Meanwhile, the International Energy Agency (IEA) estimated that global consumption of crude will advance by 380,000 barrels per day. The IEA also noted in its report that Moscow had redirected its supplies of oil to India, China, and Turkey since the beginning of the war in Ukraine, adding that the full embargo on Russian energy export will have a full impact by February 2023.

West Texas Intermediate (WTI) for settlements in September plunged by 2.48% selling at $91.84 at 10:30 am ET. At the same time, Brent for settlements in October slipped by 2.07%, going to $97.56.

Baha Breaking News (BBN) / AB