The prices of oil futures continued to tumble on Monday amid rising concerns over the demand for crude after downbeat data from Asia, Europe and the US revealed that manufacturing activity slowed in July.
Worries that the economy worldwide might be heading into a recession possibly dampened the demand for oil. In the meantime, traders will be keeping an eye on this week’s OPEC+ meeting, which will determine the further output of crude.
West Texas Intermediate (WTI) for settlements in September plummeted 5.15% to sell for $93.28 per barrel at 10:21 am ET. At the same time, Brent for deliveries in October nosedived 4.04% going for $99.56 per barrel.
