Oil prices fall 2pc on economic worries, technical decline
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Oil prices fell about 2% on August 28, 2024, due to concerns over slower economic growth in the US and China, which could reduce energy demand; Brent futures decreased by $1.88 (2.3%) to $79.55 per barrel, while WTI crude fell by $1.89 (2.4%) to $75.53; Analysts noted this pullback was a normal correction after a $6-per-barrel increase over the previous three days; US gasoline futures are near a six-month low, impacting refining profit margins; Consumer confidence in the US rose to a six-month high in August, but unemployment increased to 4.3%, raising recession fears; UBS Global Wealth Management increased the chance of a US recession to 25%; Germany's economy shrank in Q2.

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https://www.brecorder.com/news/40319648/oil-prices-fall-2pc-on-economic-worries-technical-decline