<article><p class="lead">WTI crude futures today are on track to fall by as much as $10/bl, or more than 9pc, from 1 July as concerns over a global economic recession loom over possible demand estimates.</p><p>WTI futures traded at $98.13/bl at around 1:30pm ET today and may be on track for the first sub-$100/bl close since 10 May, when it closed at $99.76/bl. There was no Nymex settlement on 4 July because of a US federal holiday. Brent was down by more than 10pc to $101.77/bl.</p><p>Weakening macroeconomic indicators are pressuring crude prices. <a href="https://direct.argusmedia.com/newsandanalysis/article/2347092">US manufacturing activity slowed in June</a> to its lowest level in two years, with easing demand, tight labor markets and supply chain constraints. US consumer spending rose in May at its slowest pace of the year, a sign Americans are reining in spending amid <a href="https://direct.argusmedia.com/newsandanalysis/article/2346409">surging inflation</a>.</p><p>Elsewhere, Eurozone manufacturing levels <a href="http://direct.argusmedia.com/newsandanalysis/article/2346830">fell for the first time in two years</a> at the end of the second quarter, as new business intakes and export orders declined and business confidence fell to its lowest for 25 months.</p><p>Concerns over the macroeconomic outlook have even outweighed concerns over a labor strike at Norway's state-controlled Equinor. The company <a href="http://direct.argusmedia.com/newsandanalysis/article/2347587">started a shutdown</a> of its Gudrun, Oseberg South and Oseberg East fields after members of the Lederne union plane a strike starting midnight 5 July. The three affected fields account for 3pc of Norway's total crude output, according to the Norwegian Petroleum Directorate (NPD).</p><p class="bylines">By Sergio Meana</p></article>
