6% loss on US crude oil prices due to the fear of recession

After a recent drop in global stock market, crude oil prices in US reduced by 6%, as traders worry about the warning of a fresh recession that could crash energy demand. The price drops came after Morgan Stanley issued a report that said the US and Europe are treacherously close to recession and that growth in the big emerging economies would be slower than it was expected earlier. The growth picture has been impacted by negative US economic data on jobs, inflation, housing sales and regional manufacturing released during the day. New York's main contract, West Texas Intermediate (WTI) crude for September delivery fell by over five dollars to US$82.3 a barrel. In London, Brent North Sea crude for October delivery slumped by over three dollars to $106.9 a barrel.
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