A glut of crude from sanctioned countries coupled with economic fears on Wall Street are pressuring oil markets, pushing down global oil prices on Monday to their lowest level since 2021.
Front-month Brent futures slipped by 3.9%, to $71.84 a barrel, continuing a nearly weeklong slump following Saudi Arabia’s decision to slash production in a bid to prop up prices. It was the global price gauge’s lowest close since Dec. 20, 2021, according to Dow Jones Market Data.
Cuts by OPEC members have contended for months with rate increases by the Federal Reserve, which is expected to pause its hikes on Wednesday. So far, the central bank’s bid to slow the U.S. economy appears to be winning what Bank of America called a “battle royale” between monetary forces and physical commodity markets.
Source: https://www.wsj.com/livecoverage/stock-market-today-dow-jones-06-12-2023/card/brent-crude-slumps-to-lowest-price-since-2021-uP6IMDXBxUkXNCF2Ldgf?siteid=yhoof2&yptr=yahoo