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12/6/2022, 12:18 PM (Source: TeleTrader)
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Oil slips 1% as economic fears intensify

The prices of oil futures declined on Tuesday with the uncertainty over the future of the global economy possibly rekindling recession fears. Gloomy economic outlook seemingly offset concerns regarding supply, as crude prices struggled for footing.

Stronger-than-expected data in the United States has been the main driver of worries that the Federal Reserve might raise the terminal rate to levels not previously expected, which could then prompt future downturns in economic activity.

West Texas Intermediate (WTI) for settlements in January fell 0.96% at 6:08 am ET to sell for $76.11 per barrel, while Brent for the deliveries in February lost 1.05%, selling for $81.85 per barrel, at the same time.

Baha Breaking News (BBN) / AY