Crude Oil Futures Freefall on Thursday

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Oil futures plunged for a sixth consecutive trading session on Thursday, according to Bloomberg MarketWatch.

July West Texas Intermediate crude plummeted $1.80, or 3.8%, to end trade on the New York Mercantile Exchange at $46.21 a barrel, its lowest close since May 13.

August Brent crude, the global benchmark, dropped $1.78, or 3.6%, on London’s ICE Futures Exchange to end trade at $47.19 a barrel.

“With the turmoil in global markets, we will see a pullback in confidence leading to a potential pullback in energy demand,” said Phil Flynn, senior market analyst at Price Futures Group.

Meanwhile, July natural gas futures fell 1.5 cents, or 1.9%, to settled at $2.58 per million British thermal units on the New York Mercantile Exchange.

 

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