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Commodity News Details
WTI Crude slumps to $76 as equities falter
25-Jul-2024 17:42
WTI Crude oil futures slumped today, adding to recent losses as global risk appetite was hit and major assets tumbled. The counter has been sliding after breaking under $80 per barrel and currently quotes at $76.10 per barrel, down 2% on the day. These are the lowest levels in nearly six weeks for the commodity. Oil fell even as the US Energy Information Administration reported an inventory decline of 3.7 million barrels for the week to July 19. The equities slipped across the board today. China's Shanghai Composite index fell 0.50% to test five month low. Hong Kong's Hang Seng index fell around 1.80%. Japan's Nikkei 225 index plunged more than 3% on global tech stock meltdown. European stocks slumped. German DAX lost 1.25% while French CAC is off 2%. The US stocks fell further as a slump in global tech stocks weighed on the mood. The Nasdaq Composite declined 3.6% and the S&P 500 lost 2.3%, both recording their worst daily percentage declines since 2022. The Dow tanked 1.3% too.

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