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U.S. crude oil falls below $72 per barrel, hits six-month low as market sells off

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Weak economic data in the U.S. sparked a selloff in equity markets as fears grow that that a recession may be looming.

A view of storage tanks and pipelines at the Shell Carson Distribution Complex, a distribution hub for petroleum products, in Carson, California, on March 11, 2022.U.S. crude oil futures tumbled to a six-month low on Monday, as equity markets sold off on fears the economy might be teetering on the brink of a recession.

West Texas Intermediate has largely erased its gain for the year and Brent is now down for 2024, after trading higher for months on geopolitical risk in the Middle East and forecasts that the oil market would tighten in the third quarter.The sell-off comes after U.S. job growth disappointed in July, with the unemployment rising to 4.3%, the highest level since October 2021. The U.S. manufacturing sector also contracted in July for the fourth consecutive month.

Geopolitical risk remains present, however, with Israel preparing for an attack from Iran after the assassination of Hamas leader Ismail Haniyeh in Tehran last week.An options trade on an oil giant before earnings with crude on the move higher

 

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