The Wall Street stock market fell sharply again earlier in the week as investors worried about threats of stagflation (weak economic growth with solid inflation).

At the same time, oil futures fell more than 6.5 percent after Saudi Arabia cut its oil prices to Asia and other export destinations, and China reported a sharp slowdown in export growth.

The EU is allocating funds to Eastern Europe to approve an embargo on Russian oil

The DJIA blue-chip index split during trading on Monday with more than 650 points (down 1.99%) after falling by 777 points in the first 15 minutes.

The broad S & P500 index closed down 3.2%, falling below 4,000 points for the first time since April 1, 2021.

The Nasdaq Composite Technology Index fell 4.29% to its lowest level since November 10, 2020.

All three leading US stock indexes have recorded the strongest declines in the last three trading sessions since the beginning of the coronavirus pandemic in 2020, BNR explains.

Oil fell dramatically by more than 6.5 percent, with Brent oil futures falling 6.55 percent to $ 105 a barrel and US light crude oil futures WTI down 6.75 percent to $ 102.35 a barrel.

This became a fact after Saudi Arabia lowered its export oil prices for the first month for the first time in four months.

On Sunday, the state-controlled company Saudi Aramco said it had reduced the prices of all its crude oil to Europe, Asia and the Mediterranean for June.

The biggest reductions were observed in oil prices for the Mediterranean basin, while prices for the United States remained unchanged.

Asian consumers will have to pay a premium of $ 4.40 a barrel for Arab Light, after the premium in May, which reached a record $ 9.35, said Carsten Fritsch, an analyst at Commerzbank.

On the other hand, the European Union is still struggling to reach an agreement to ban Russian oil, which also contributed to the sharp fall in black gold on Monday.

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