samliang82
samliang82
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avatarsamliang82
2022-07-10
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@kytphine:Should You Buy The Oil Price Dip?Oil prices tumbled by nearly 10% on Tuesday, and have slide even further today.The drop has been attributed to growing recession fears and weakening demand."While there are demand concerns given the gloomier macro outlook, the market is still expected to be tight for the remainder of the year,” says ING head of commodity strategy Warren Patterson. Oil prices nosedived alongside the broader market on Tuesday, with U.S. crude dipping to the psychologically important level of $100/bbl as growing recession fears coupled with concerns over weakening demand outweigh a fundamentally tight supply market. WTI crude tumbled 8.2% to $99.50/bbl, the lowest since April 25 and the first close below the $100/bbl level in more than a month. At one point, WTI crumbled more
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