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Commodity News Details
Crude oil sees sustained losses as WTI futures sink under $75 per barrel
19-Aug-2024 17:40
WTI Crude oil futures cracked sharply lower on Friday, falling more than 3% as a slide from highs around $80 per barrel extended. Worries over US recession accentuated selling pressure and oil lost heavily even as US equities turned in a positive outing. The commodity fell further today and currently trades down 0.82% at $74.92 per barrel. Equities are largely steady today but oil has failed to hold on as it lingers around one and half week low. In Asia, China's Shanghai Composite index ended up 0.50% while Hong Kong's Hang Seng index jumped 0.80%. Japanese Nikkei 225 index tanked 1.80% amid gains in Japanese Yen. European stocks edged up modestly though UK indices lingered in red. US equities strengthened on Friday as recent data has eased concerns about the economic outlook while also increasing confidence the Federal Reserve will cut interest rates next month.

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