Economic news

Oil plummets due to extensive market sell off

Prices of oil today continued their downward movement that started at the end of the previous week due to a broader market sell off and a risen U.S. currency, while Brent dropped to the minimum in around a month.

As for other markets – they were down as well, investors were worried by last week’s U.S. payrolls report, which made known that wages rose at the rate not seen in over eight and a half years, heightening inflation growth probability.

Brent lost 57 cents falling to $68.01 per barrel, while Friday’s drop had been 1.5%. Total loss of last week for Brent had been 2.75%.

U.S. WTI moved down 47 cents to $64.98 per barrel, while Friday’s drop had been 0.5%. Total loss of last week for WTI had been 1%.

Asian shares plummeted, showing the biggest fall in over a year today, as concerns over enlivening inflation hit bonds. In the previous week Wall Street slumped from the highest levels as possible inflation surge caused talks that multiple central banks could take actions for stronger policy tightening.

Biggest weekly drops of main U.S. indexes in two years were capped, following maximum levels of last week.

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