Oil futures fell sharply on Tuesday to mark their lowest settlement in more than five weeks, as investors focused on economic worries and awaited Wednesday’s Federal Reserve policy decision.
Price action
Market drivers
“Recession fear is like a hurricane that destroys everything along its path — oil included,” said Manish Raj, managing director at Velandera Energy Partners. “It does not matter that fundamentals for oil are now stronger than ever, with rising demand and falling supply in the foreseeable future.”
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