The price of the global benchmark has fallen to a level not traded in 12 weeks. As a result of volatile trade at the start of the New York trading session; extending heavy losses as growing fears of demand destruction from a global recession outweighed supply concerns.
The global benchmark, the Brent crude futures is down 2.9%, currently trading at $99.78 a barrel while the U.S. benchmark, the West Texas Intermediate (WTI) is down 3.2%, currently trading at $96.31 a barrel as of the time of this writing.
That puts WTI and Brent on track for their lowest closes since April 11, after the Brent fell by a record 9% and WTI fell 8%.
-Nairametrics.
