The price of West Texas Intermediate, the U.S. benchmark for crude oil, has tumbled from...
Jon Shapley, Houston Chronicle / Staff photographerwent into effect Monday, a move meant to punish Moscow’s ongoing war against Ukraine.the price cap “Marks the end of global oil market of the last three decades and beginning of the partitioned world oil market.”
The price drop is also a signal that traders believe there’s currently more than enough oil supply to meet demand. That’s one reason analysts have been predicting that U.S. oil output will continue to grow, but a slower rate than previously forecast.
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