Oil futures prices fell on Wednesday amid growing fears over the current state of the global economy, the possible rise in central bank interest rates to combat inflation and renewed restrictions to curb COVID-19 in China.
Earlier in the morning, it was learned that Officials of China's port city of Guangzhou reinstated some coronavirus-related restriction measures following a local outbreak yesterday, which was proclaimed after health authorities recorded five new COVID-19 cases.
West Texas Intermediate (WTI) for settlements in October plummeted 2.87% at 5:34 am ET to sell for $89.08 per barrel, while Brent for the same month's deliveries nosedived 3.23% to go for $95.90 per barrel.
