Oil prices continued to incur heavy losses, as investors became increasingly concerned that energy demand would be hit in light of a possible global recession. On Wednesday, Brent crude futures for September delivery fell $2.08, or 2%, to settle at $100.69 a barrel.
Sharjah 24 – Archyde.com:
Oil prices fell regarding 2% to their lowest level in 12 weeks in volatile trading on Wednesday, extending heavy losses incurred in the previous session as investors grew concerned that energy demand was being hit in light of a possible global recession.
Brent crude futures for September delivery fell $2.08, or two percent, to settle at $100.69 a barrel.
US West Texas Intermediate crude fell 97 cents, or 1 percent, to settle at $98.53.
US diesel futures fell more than 5%.