Oil Hovers Near 8-Month Low As US Recession Risks Counter Mideast Tensions
By: Sana Tahir
Forbes Middle East Staff
Aug 05, 2024, 8:01 AM
Oil Hovers Near 8-Month Low As US Recession Risks Counter Mideast Tensions
Oil prices increased slightly in early trade on Monday, settling near their highest figures in 8 months, in response to fears of the US economy dipping into a recession. Image by Myles Barfield / Shutterstock
Oil prices edged up in early trade on Monday but hovered around their lowest levels in eight months, as fears of the US economy dipping into a recession outweighed the risks to supply chains associated with the ongoing Mideast conflict.
Oil rises
West Texas Intermediate (WTI) crude oil inched up 0.1% to trade at $73.6 per barrel as of 7:30 AST Monday, while Brent crude rose 0.2% to approximately $77 per barrel around the same time.
This is a developing story. Check back for updates.
OilOil PricesOil And GasBrentWTI
By
Sana Tahir
Forbes Middle East Staff
Sana Tahir is a news writer at Forbes Middle East. Apart from daily business news, she enjoys writing about technology, lifestyle, internet sub-cultures, and issues of social