U.S. crude oil prices have been falling recently, dragged down by a number of different factors. Here’s what’s going on. WSJWhatsNow
—despite data suggesting that inflation is beginning to weaken from 40-year highs.
Those factors have weighed on prices, analysts say, even as Washington is set to conclude its release ofPrice declines in oil were partially fueled by a surge in Covid-19 cases in China.“The Fed and the Chinese have both thrown cold water on those optimistic hopes,” said Robert Yawger, executive director for energy futures at Mizuho Securities. “For inflation, this is a good thing.”
Highlighting the market anxieties, contracts to deliver West Texas Intermediate crude next month fell near their lowest levels of the year Monday morning—as low as $75.08 a barrel—afterthat the Organization of the Petroleum Exporting Countries and its market allies were considering a production increase at their December meeting. An output increase would help offset potential losses of Russian supplies as the Kremlin responds to a growing web of Western energy sanctions set to expand next month.
After Saudi energy minister Prince Abdulaziz bin Salman denied the report and said a production cut was possible instead, WTI recovered to finish down 0.4% on the day, at $79.73 a barrel, its lowest close since Sept. 30. The U.S. benchmark is down 14% since Nov. 4. WTI’s retreat dragged oil prices back below where they were before Russian tanks rolled into Ukraine in February. Economic fallout from the conflict
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