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In essence, the kingdom is giving in to lower prices, FT sources said. Markets spiraled on the news, dropping over 3%. Brent crude, the international benchmark, fell as low as $70.7 as of 11:00 am ET.
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.
The ongoing oil selloff is probably not happy news for OPEC+, which announced on Sunday that it would continue to cut supplies by 2 million barrels a day to firm up prices.
US oil prices notched their seventh straight week of declines ... US gas prices, meanwhile, have dropped to an average of about $3.19 per gallon. ... For more CNN news and newsletters create an ...
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
Oil prices fell more than 3% amid rising inventories and a diplomatic push for a ceasefire between Israel and Hamas. On Wednesday West Texas Intermediate ( CL=F ) declined for a third day in a row ...
The average price for unleaded gas in the US was sitting at $3.18 per gallon on Tuesday, according to the latest AAA data, up one penny from Monday. "[Gasoline prices] are rising, but not because ...
The same pessimistic economic news that caused stock prices to fall also decreased expected energy demand, and experts predicted a gas price drop of 35 cents per gallon from the average of $3.70. [17] On August 8, oil fell over 6%, in its largest drop since May, to $81, its lowest price of the year. [18]