{"id":503715,"date":"2022-07-07T09:34:48","date_gmt":"2022-07-07T04:04:48","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=503715"},"modified":"2022-07-07T10:08:50","modified_gmt":"2022-07-07T04:38:50","slug":"oil-prices-drop-to-12-week-low-on-recession-covid-worries","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-prices-drop-to-12-week-low-on-recession-covid-worries\/","title":{"rendered":"Oil prices drop to 12-week low on recession, Covid worries"},"content":{"rendered":"<p>Oil prices dropped to a 12-week low in volatile trade on Wednesday, extending Tuesday&#8217;s heavy losses as growing fears of demand destruction from a global recession outweighed supply concerns.<\/p>\n<p>Brent futures for September delivery fell $2.99, or 2.9%, to $99.78 a barrel by 10:57 a.m. EDT (1457 GMT), while U.S. West Texas Intermediate (WTI) crude fell $3.19, or 3.2%, to $96.31.<\/p>\n<p>That puts WTI and Brent on track for their lowest closes since April 11, after Brent fell 9% and WTI fell 8% on Tuesday. <\/p>\n<p>It also put both benchmarks in technically oversold territory with a relative strength index (RSI) below 30 for a second day in a row. If Brent closes at that level, it would be the first time it remains in oversold territory for two days since December 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices dropped to a 12-week low in volatile trade on Wednesday, extending Tuesday&#8217;s heavy losses as growing fears of demand destruction from a global recession outweighed supply concerns. Brent futures for September delivery fell $2.99, or 2.9%, to $99.78 a barrel by 10:57 a.m. EDT (1457 GMT), while U.S. West Texas Intermediate (WTI) crude fell $3.19, or 3.2%, to $96.31. That puts WTI and Brent on track for their lowest closes since April 11, after Brent fell 9% and WTI fell 8% on Tuesday. It also put both benchmarks in technically oversold territory with a relative strength index (RSI) [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-503715","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/503715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=503715"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/503715\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=503715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=503715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=503715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}