Recent developments in the oil market have seen a significant downturn in prices, with West Texas Intermediate (WTI) dropping from $85.00 to below $75.00 a barrel over the past month. The primary factors contributing to this decline include concerns about weaker demand from China and fears of a potential U.S. recession.
The negative sentiment in the stock market has also impacted oil prices, as traders react to the possibility of an economic downturn. This heightened volatility has been exacerbated by weaker-than-expected U.S. economic data, including a soft June CPI reading released in July.
