Oil prices suffer worst drop in two years

Oil is approaching its third monthly drop, the longest decline in more than two years, amid fears of a slowdown in global growth due to Fed policies, as well as China’s fight against COVID-19. It is reported by Bloomberg.

In August, WTI oil fell by more than 6%, reaching its lowest level since January in the middle of the month. In the US, the Fed is aggressively raising interest rates to fight inflation, while Europe is gripped by an energy crisis.

Read also:  The number of cases of COVID-19 in the world exceeded 612 million

Traders are also keeping an eye on the unrest in Libya and Iraq. In addition, negotiations have dragged on to restart the Iranian nuclear deal, which could lead to an increase in crude oil exports.

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x