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US Crude Joins Broader Market Meltdown As Recession Fears Decimate Oil Prices

From fxdailyreport.com

Crude oil futures joined the broader market meltdown to finish the trading week, plunging to their lowest levels since January. Like the global equities arena, oil prices are cratering on growing worldwide recession fears. But are crude prices oversold? October West Texas Intermediate (WTI) crude futures plummeted $4.61, or 5.52%, to $78.88 a barrel at 19:29 GMT on Friday on the New York Mercantile Exchange. US crude prices posted a 7.7% weekly loss, bringing their year-to-date decline to below 5%. Brent, the international benchmark for oil prices, erased their losses. November Brent crude futures added $0.14, or ... (full story)

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  • Category: Fundamental Analysis