Oil Sinks 3 As Fears Of An Economic Slowdown Weigh On The Market
As of 8:43 am ET on Tuesday, Brent crude was down 2.82% at $102.19. The US benchmark, WTI Crude, fell 2.46% on the day to $94.62. Oil prices posted their biggest daily gain in nearly six weeks on Monday after Brent hit $104 a barrel yesterday on concerns about supply from both Libya and Iraq, as well as the possibility of OPEC+ output cuts. . Demand concerns prevailed on Tuesday, with prices losing ground amid continued fears that aggressive rate hikes by central banks, including the Fed, would slow economies for a prolonged period....