July 23, 2024
Oil prices turn lower for the month on recession fears

Oil prices turn lower for the month on recession fears

Oil futures declined on Wednesday with prices turning lower month to date, pressured by recession worries that are likely to dull energy demand.

Weekly declines for crude and petroleum products reported by the U.S. government helped to limit oil’s price loss for part of the trading session, but failed to provide lasting support.

Price action
Market drivers

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Source

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