Commodities
Oil Prices Slump as WTI Drops Below $100 Barrel
Oil prices declined on Wednesday, with West Texas Intermediate (WTI) dropping below $100 a barrel. The WTI fell by 3.91% to $97.50 a barrel, while Brent crude traded at $101.97 a barrel, down 2.2%. This decline in oil prices comes as European stocks rose, with the Euro Stoxx 50 gaining 0.67%, and the U.K.'s FTSE 100 advancing 1.1%.
The dollar-yen exchange rate also climbed by 0.35% to 157.31 yen, while gold fell by 0.33% to $4,360.01 an ounce. The decline in oil prices may be attributed to the strong European stock market performance and the rise of the dollar.