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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.
Brent crude futures rose to $74.60 a barrel on Tuesday and US West Texas Intermediate crude was up at $71.66 a barrel. For the year, Brent declined 3.2%, while WTI was down 0.1%. For the year ...
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 closed at its lowest level since June on Wednesday despite government data showing total crude inventories in the US dropped by 4.6 million barrels last week.
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 ...
Stocks closed lower on Wall Street after another sharp slide for the price of crude dragged down big oil-and-gas stocks. Treasury yields fell. NEW YORK (AP) — Wall Street is hanging near its ...
The mere anticipation of production going materially higher could cause oil prices to "fall at least 10% if not closer to 20%" to the $70 or high-$60s per barrel level, said the analyst.