10/4/2023, 5:52 PM (Source: TeleTrader)
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Oil prices fall further, WTI plunges 4%

Crude oil prices for front-month settlements continued to decline on Wednesday as economic uncertainty appeared to put pressure on global commodity demand, offsetting concerns about supply.

The latest reading on the United States business activity showed stagnation at the end of the third quarter with demand for consumer services, like travel, starting to fade. The downbeat data appeared to raise uncertainty regarding the economic growth in the United States in the months ahead. Namely, private data from the American Petroleum Institute (API) showed an inventory buildup in Cushing, seemingly fueling up worries about the crude consumption in the country.

West Texas Intermediate (WTI) for November contracts slumped 4.11% to trade at $85.50 per barrel at 11:43 am ET. Brent for December deliveries fell 3.93% to sell at $84.40 a barrel.

Baha Breaking News (BBN) / AB