Oil slumps further after plunging 5% on recession fears as markets await Fed decision – The National

Oil slumps further after plunging 5% on recession fears as markets await Fed decision – The National

Oil prices extended their losses on Wednesday to their lowest levels since March, after the world's biggest benchmarks plummeted 5 per cent a day earlier as a regional banking crisis in the US rattled markets and raised concerns about a recession and lower crude demand.

Brent, the benchmark for two thirds of the world’s oil, was 4.02 per cent lower at $72.29 a barrel at 6.55pm UAE time on Wednesday. West Texas Intermediate, the gauge that tracks US crude, was down 4.23 per cent at $68.63 a barrel.

Brent settled 5 per cent lower at $75.32 while WTI fell by 5.3 per cent to $71.66 at market close on Tuesday.