London, Wednesday,6 July 2022
On Wednesday, WTI crude futures experienced increased volatility as they traded between gains and three-month lows.
In afternoon transactions, the contract was down more than 1% at $98.2.
On worse demand projections and recession concerns, the selloff persisted after it plunged 8.2 percent in the previous session, which was the worst daily drop since March.
Coronavirus instances were recorded in China, prompting worries of additional lockdowns. In parallel, the Norwegian government put an end to a strike by oil and gas employees yesterday, preventing a loss of 341K barrels of oil by the weekend.
Although reports indicated that exports were still occurring, Kazakhstan stated it would consider alternatives to overturn the Russian court's decision to halt the Caspian Pipeline Consortium for 30 days.
This move would add to the already-stressful historical situation in the global oil market.
(Reporting by: The Decision Maker – Finance editors)