Oil fell sharply on Tuesday, losing $ 100 a barrel for the first time in two weeks as worries about the global economy outlook amid tightening US monetary policy and massive lockdowns. against COVID-19 in China.
In particular, the crude for June delivery lost $ 3.33 or 3.2% and closed at $ 99.76 a barrel on the New York Mercantile Exchange. This is the first time it has closed below $ 100 since the end of April.
Brent also fell sharply, with the July contract falling to $ 3.48 or 3.3% to $ 102.46 a barrel on ICE Futures.
July, meanwhile, jumped 5.1 percent to $ 7,385 a million British thermal units after a 12 percent drop yesterday.
Lockdowns in Chinese cities perpetuate concerns about the course of the world’s second largest economy. At the same time, the Federal Reserve’s campaign to curb the highest inflation in 40 years raises fears that the US economy could grow.
Investors, meanwhile, continue to watch the long and painful political turmoil in Europe to reach an agreement on another package of sanctions against Russia that would provide for a gradual embargo on Russian oil.
Source: Capital
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