Crude oil prices have plunged sharply to its lowest level since January this year as demand concerns resurface amid growing recession worries. Major central bankers are on a rate hiking spree while China, the top consumer is seen locking down once again amid rising COVID cases, further adding to demand woes for the commodity. WTI crude oil futures are down nearly 2% at $85.36 per barrel. On Monday, the Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, decided to cut output by 100,000 barrels per day in October.Powered by Commodity Insights
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