Crude oil prices tumble
Crude oil prices have tumbled to their lowest levels since Russia began its invasion of Ukraine, with the U.S. benchmark WTI well under $100 per barrel again.
What they're saying: Via MarketWatch, Swissquote Bank analyst said in a note: “The downside correction in oil prices is sure a relief when it comes to the inflation expectations, but the new lockdown measures [in China] will continue worsening the supply chain crisis and add on the inflation worries."
- "Expectations of positive developments in the Russia-Ukraine ceasefire talks bolstered hopes to ease tightness in the global crude market," said Fujitomi Securities analyst Toshitaka Tazawa, via Reuters.
Why it matters: The price shock from Russia's war has all kinds of spillover into the wider economy and gasoline prices in particular. There are political ramifications too as the midterm elections draw closer.
By the numbers: WTI was trading in the $95 per barrel range this morning after surging to $130 earlier this month, a 14-year high. The global benchmark Brent crude, which almost hit $140, hovered around $100.