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Oil falls 4% on concerns economic slowdown may dent fuel demand

US West Texas Intermediate crude for September delivery - due to expire on Monday - was down $3.77, or 4.1%, at $87

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Reuters London
Oil prices fell on Monday in volatile trading, ending three days of gains, on fears aggressive U.S. interest rate hikes may lead to a global economic slowdown and dent fuel demand.

Brent crude futures for October settlement fell $3.99, or 4.1%, to $92.73 a barrel by 1411 GMT.

U.S. West Texas Intermediate (WTI) crude for September delivery - due to expire on Monday - was down $3.77, or 4.1%, at $87. The more active October contract was down $3.73 cents, or 4.1%, at $86.71.

"Choppy trade continues. There remain many factors influencing the oil price right now from a tight

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Aug 22 2022 | 8:18 PM IST

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