Crude oil prices fell by nearly 7% on Tuesday as fears of a recession mount—a scenario that could put a dent in oil demand. The plummeting price action comes as Saudi Arabia announced a price hike for all its crude grades in August to its prized market, Asia. Saudi Arabia’s price hike comes mostly as expected by the market on strong refining margins and expectations of strong demand. But while Saudi Arabia lifted the August price for its flagship crude grade to Asia, Arab Light, by $2.80 per barrel, the price of Brent and WTI…
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