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Oil markets spiraled on the news, falling as much as 4% on Thursday. A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday.
Oil prices plunged to their lowest level since December 2021, with Brent oil falling 4% to $68.99 on Tuesday. Supply and demand issues, including a slowdown in China's economy, are pressuring prices.
Prices of Brent crude, the global benchmark, declined 4% to about $79.50 a barrel on Tuesday. Brent crude continued to trade below $80 early Wednesday, according to OilPrice.com.
Oil related stocks slid on Tuesday amid pressure on the underlying commodity. The Energy Select Sector SPDR Fund ( XLE ), was down more than 2% during the session on Tuesday. XLE is roughly 10% ...
Crude oil makes up about half the price of a gallon of gasoline, making crude the key factor on top of distribution costs and taxes. Motorists in Europe see far smaller fluctuations because taxes ...
U.S. crude oil and distillate inventories were expected to have fallen last week, while gasoline stocks likely rose, a preliminary Reuters poll showed ahead of a report from the American Petroleum ...
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June contract WTI crude oil prices plunged another 24% on Tuesday to $15.32 after May contracts dropped below $0 for the first time in history on Monday. U.S. crude oil storage capacity is maxed ...