Crude Oil Now Trades At 23% Less Amidst Fear Of A Global Recession

Crude oil rates fell more than 5% this week and is now trading 23% less than its 2019 peak of $75.60 a barrel.

The world’s largest crude oil suppliers Brent crude futures went up by 1 cent to $58.36 a barrel while U.S. West Texas Intermediate (WTI) crude was at $52.85, up by 4 cents.

As the lingering war between the China and America hurts global growth and raises the risk of a recession.Future demand for crude oil looks weak amid a global economic slowdown.

Thed US economy, signs of weakness in China and Germany and the uncertainty over US-China trade talks have put the global economy in a very bad position.

 

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