Crude oil futures plunged Aug. 30 as violent tensions seemingly cooled in Iraq — if only temporarily — and more warning signs arose over ongoing inflationary and global recession fears. Completely reversing the price spikes of the day prior from violent clashes in Iraq and Libya, NYMEX October WTI sunk by $5.37 to settle at $91.64/b, while ICE October Brent shed $5.78 to settle at $99.31/b — back below the $100/b threshold.
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