⚠️BREAKING: *OIL PRICES TUMBLE 3% ON RECESSION FEARS - $CL_F OOTT
© Reuters. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., March 24, 2016. REUTERS/Nick OxfordLONDON/NEW YORK -Oil prices extended their slide on Wednesday on investor worries about the ailing state of the global economy, bearish oil demand signals from OPEC+ and increased restrictions to curb COVID-19 in China.futures for October, due to expire on Wednesday, were down $2.71 at $96.60 a barrel following Tuesday's $5.78 loss.
"Additionally, both the Fed and the ECB are thought to hike interest rates significantly next month, probably by as much as 0.75% - and all these make equity investors run for the exit. Oil duly follows, at least for the time being." Some OPEC+ members have called for cuts. The group is next due to meet on Sept. 5 amid weakening demand in Asia that spurred Saudi Arabia to lower its official selling prices to that region.
Parts of China's southern city of Guangzhou imposed COVID-19 curbs on Wednesday, joining the tech hub of Shenzhen in battling flare-ups and fuelling uncertainty over commerce and daily life in two of the region's most economically vibrant cities.
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