Crude oil prices down 23% from its 2019 peak
NEW DELHI : Amid fears of the possibility of a global recession coming in, crude oil rates fell more than 5% last week and is now trading 23% less than its 2019 peak of $75.60 a barrel recorded in April.
Brent crude futures edged down 1 cent to $58.36 a barrel by 0656 GMT, while U.S. West Texas Intermediate (WTI) crude was at $52.85, up 4 cents.
Both contracts ended last week with a more-than-5% decline after dismal manufacturing data from the United States and China, as the lingering row between the world’s top economies hurts global growth and raises the risk of recession.
