Oil prices fell to their lowest level since December 2021 as a wave of unrest in China hit investors’ appetite for risky assets and clouded the outlook for energy demand, adding stress to an already volatile global oil market. raw.
Brent, the international benchmark, fell $2.53 or 3.03 percent on a daily basis to $81.10 a barrel, according to Oil Price data.
U.S. WTI crude fell $2.25, or 2.95 percent, to $74.03 a barrel.
The new pullback in oil prices comes after weeks of declines triggered by signs of an economic slowdown in China and the European Union’s decision to cap the price of Russian crude, which appeared to have minimal impact on trade.
Speculators have sharply reduced investments in oil, posting the sixth-biggest reduction in net long positions in Brent crude oil last week.
In the coming days, the market is likely to experience more price volatility pending the OPEC+ meeting on the next production level.