BREAKING: WTI crude oil drops close to 3%!

Brent crude futures fell $2.23, or 2.7%, to $79.94 a barrel, after rising to a session high of $84.20. It hit a session low of $79.72, its lowest since Jan. 11.

Currently WTI crude oil prices are losing close to 3% and sliding to their lowest levels since March 2023. Uncertainty around the spectre of a global recession and weak demand from China are pushing prices down to around US$73.45 per barrel. Concerns over short-term demand, including weaker-than-expected Chinese production data, outweighed messages indicating limited supply later in the year.