On the eve of Brent the price fell by more than 10 dollars, which was the third largest drop in dollar terms in the brand’s history.
The world benchmark oil price continued to fall for the second consecutive day due to fears of a recession in the global economy, which would lead to a slowdown in demand. This was confirmed by trading data on Wednesday, July 6th.
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Thus, September futures for Brent on London’s ICE Futures exchange dropped $ 3.85 (3.75%) to $ 98.92 per barrel.
The value of WTI futures for August in the electronic session on the New York Mercantile Exchange (NYMEX) dropped $ 4.19 (4.21%) to $ 95.31 per barrel.
Now the spread between the current contracts for Brent and WTI is $ 3.61 in favor of Brent.
Brent fell more than $ 10 on Tuesday, the third -largest decline in dollar terms in the brand’s history.
The fall in quotes on Tuesday was a result of investors ’anxiety about the recession and technical sales.
This week, also one of the negative factors for commodity markets was the strengthening dollar, which recently reached a more than 20-year high. Investors are reluctant to risk and invest in US currency. The strengthening of the dollar makes the oil denomination more expensive in the US currency for holders of other currencies.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.