Energy

Oil falls for a sixth straight day, sinks to the lowest level since May on fears of slowing growth

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Oil pumping rigs are situated next to a vineyard of table grapes as viewed on July 8, 2021, north of Bakersfield, California.

George Rose | Getty Images

Oil dropped for a sixth-straight session on Thursday, falling to the lowest level since May as demand fears and comments from the Federal Reserve that it will suspend its bond-buying program sent prices tumbling.

Crude came under pressure amid weakness in the commodities market and equities more generally.

West Texas Intermediate crude futures, the U.S. oil benchmark, slid $2.38, or 3.6%, to trade at $63.08. For the week the contract is down more than 8%, on track for a second consecutive week of losses. International benchmark Brent crude



Source cnbc.com

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