- Oil prices plummet after hitting highs since late July.
- Fears of a global recession are once again affecting the markets.
Oil prices are falling sharply on Tuesday, on concerns about the global recession. A barrel of WTI (trading platforms) is below $93.00, erasing Monday’s strong gains.
Hours ago, the price of WTI had climbed to $97.25, the highest level in a month. Then it changed direction, plummeting more than $5, within a few hours.
The pullback started as a correction that accelerated. Expectations of a potential production cut by the Organization of the Petroleum Exporting Countries and its allies are beginning to be overshadowed by demand fears in the face of a possible global recession.
Another positive factor for crude oil was the violent conflicts in Libya, which generated fears about the possibility of production from the country.
Technical levels
Source: Fx Street
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