-
WTI fell more than 7% in two days
Oil prices continued with their downside momentum on Wednesday. A cautious market mood amid renewed strength in the greenback and lack of buying interest weighs on the prospects of the black gold. Investors remained concerned about the global economic outlook, hawkish central banks, and COVID-19 curb in China. U.S West Texas Intermediate (WTI) is down 2.82%, at $89.6 a barrel, extending the 5.37% loss incurred in the previous session. Since the war break out in Ukraine back six months, the price witnessed a huge round of volatility amid thin trading. Europe is battling the energy crisis that might have a ripple ... (full story)