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Crude Oil Prices Slumps, On Concerns Of Global Economically Slowdown

Market News : After falling by about 4% over the previous two sessions, WTI crude oil prices held below $78 per barrel on Tuesday. Major central banks are anticipated to tighten policy even further this week, fueling concerns of a global economic slowdown and negatively affecting market sentiment.

Investors were also concerned about the robust Russian oil supply because, despite Western sanctions and price caps, the country’s oil producers were able to secure export agreements thanks to strong demand from Asia.

Nevertheless, the Chinese economy’s reopening has given markets cause for optimism, with officials promising over the weekend that they would promote consumption recovery as a key economic driver and increase imports.

According to the most recent data, Chinese manufacturing and services activity sharply increased in January. Additionally,

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