Commodities

Oil market sustains heavy losses, US crude tumbles 6%

2022-09-23 18:14:10 GMT (Economies.com)

Oil services company Baker Hughes reported an increase of 3 in the US oil rig count to 602 rigs last week. 

 

Conversely, natural gas rigs fell by 2 to 160 rigs, while total oil and natural gas rigs rose by 1 to 762 rigs.

 

Oil prices swooned on Friday amid concerns about weakening global demand due to recession forecasts. 

 

The decline comes after the Federal Reserve and other global central banks moved to aggressive tighten policies and raise interest rates this week. 

 

Such decisions triggered concerns about a global recession that will hurt demand on commodities and services. 

 

US crude futures due in November fell 6.1% to $78.4 a barrel as of 17:45 GMT. 

 

Brent November futures fell 5.3% to $85.6 a barrel. 

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