8/19/2022, 12:36 PM (Source: TeleTrader)
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Oil prices fall ahead of US rig count update

The prices of oil futures declined on Friday ahead of Baker Hughes' newest report on the count of rigs in the United States.

The instability in the market also reflected general economic uncertainty, with Federal Reserve Bank of Minneapolis President Neel Kashkari commenting he is uncertain the central institution can achieve its inflation target of 2% without causing a recession.

Brent for settlements in October fell by 2.10% at 6:28 am ET to sell for $94.64 per barrel. A minute later, West Texas Intermediate (WTI) for deliveries in September decreased by 1.73% to go for $88.77 per barrel.

Baha Breaking News (BBN) / JR