WTI Crude Oil: falls extended their retreat to more than 5% to below $92 per barrel on Tuesday.
After Iraq’s state-backed Somo stated country’s oil exports are unaffected by civil unrest via political exit of a prominent cleric.
Iraq’s oil marketer also said that it can redirect crude supplies to Europe if needed, adding to the bearish pressure.
Crude prices decline for a third straight month amid the darken outlook for the global economy.
Policymakers at the ECB flagged the possibility of a 75bps interest rate hike for its next meeting,
while Fed Chair Powell signaled that the US central bank will maintain borrowing at a restrictive level until inflation subsides, even if it hurts growth.
Investors now await OPEC nations to meet on September 5th to decide on production policy.
however; as crude oil falls after the Saudi Energy Minister stated the cartel could cut production should Iran clinch a nuclear deal with the West and restore exports.