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Oil extended gains to hit a five-month high on Monday as worries grew over supply disruptions impacting big importers China and India following wide-ranging sanctions against Russian crude.
A day earlier, the Dow shed more than 0.5% to drop further into a correction.
Stock market news live updates: Stocks crater, Dow hits 2022 low, and oil plunges as Fed and growth fears roil markets Alexandra Semenova Updated September 23, 2022 at 7:35 PM
The news of the fifth straight week of increases in U.S. crude inventory had little effect. [43] WTI and Brent ended March down nearly 4 percent. With the April 1 announcement that OPEC and other nations would increase production, WTI rose 3.9 percent to close at $61.45 and Brent increased 3.4 percent to $64.86. [44]
Iranian oil minister Javad Owji said if U.S.-led sanctions on Iran's oil and gas industry are lifted, Iran will have every capability to tackle the global energy crisis. [63] [64] The Biden administration was pressed on potential oil deals with Saudi Arabia, Venezuela, and Iran that would have them increase their oil production. [65]
In energy markets, crude oil futures were off more than 8% to trade below $96 a barrel as commodities remain under pressure amid investor fears of a global recession.
The oil and gas industry is usually divided into three major sectors: upstream, midstream, and downstream. The downstream sector is the refining of petroleum crude oil and the processing and purifying of raw natural gas, [1] as well as the marketing and distribution of products derived from crude oil and natural gas.
WTI Crude Oil futures fell below $100 to settle around $96 a barrel, about 27% from record intraday high of $130.50 last week. “I fully expect crude oil is going to go back towards $40 or $50 a ...