Oil
Crude prices are falling as energy traders anticipate a brutal period for global growth. China factory activity remains depressed and another eurozone record high inflation reading has raised the prospects of much more aggressive ECB tightening that could trigger a severe recession.
WTI crude pared losses after the EIA crude oil inventory report posted a hefty decline. The EIA report clearly showed demand destruction is showing up as gasoline demand struggles and crude exports soften.
31-08-2022 15:54 GMT
by Edward Moya
