Oil price keeps sliding as global economic weakness persists

Tue, 09 Aug 2022

Oil fell as the week’s trading kicked off, extending the biggest weekly decline since April, amid persistent concern about weakening demand.West Texas Intermediate dropped below US$88 ($141) a barrel in early Asian trading after slumping by almost 10% last week on soft US gasoline consumption data. Investors have backed away from commodities in recent months as slowing growth feeds concern that energy usage will drop. That’s eroded liquidity.Crude has had a roller-coaster ride in 2022, soaring in the opening months of the year...

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