Crude Oil Hovers at 8-Month Lows as US Recession Fears Offset Mideast Tensions
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Oil prices hover at 8-month lows due to US recession fears and concerns about escalating tensions in the Middle East; Brent crude futures down 4 cents to $76.77 a barrel, while US West Texas Intermediate crude futures down 13 cents to $73.39 a barrel; Persistent fighting in Gaza and the threat of retaliation from Iran and its allies Hamas and Hezbollah add to concerns about crude exports being impacted; OPEC+ sticks to plan to phase out voluntary production cuts from October, dragging down oil prices; Weak economic data across the globe and slumping diesel consumption in China also weigh on oil prices.
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https://www.news18.com/business/economy/crude-oil-hovers-at-8-month-lows-as-us-recession-fears-offset-mideast-tensions-8990365.html
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