News Formal

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

  • 📰 CNBC
  • ⏱ Reading Time:
  • 37 sec. here
  • 10 min. at publisher
  • 📊 Quality Score:
  • News: 46%
  • Publisher: 72%

Markets News

Breaking News: Markets,Oil And Gas,Investment Strategy

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

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSİNESS
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Investment firm managers defrauded hundreds of clients out of $72 million, Ohio AG saysSeven Ohio investors who were affiliated with Northwest Capital allegedly defrauded investors during a decade-long scheme, according to the Ohio Attorney General.
Source: clevelanddotcom - 🏆 301. / 63 Read more »

Crypto investment products saw $1.4 billion in net inflows last week: CoinSharesWhile Bitcoin products dominated, Ethereum funds also had a strong week, adding $72 million, likely in anticipation of a spot ETF launch.
Source: TheBlock__ - 🏆 464. / 53 Read more »