Mar 16, 2023 - Economy & Business
Oil tumbles to lowest since Russia's attack on Ukraine
U.S. oil prices fell to their lowest level since Russia's attack on Ukraine upended global energy markets early last year.
By the numbers: Prices for West Texas Intermediate crude oil tumbled more than 4% to about $68 a barrel on Wednesday.
What happened: U.S. crude oil inventories grew a lot more than expected last week, suggesting that the country's economic engine is slowing as the Federal Reserve tightens rates.
Why it matters: Falling oil prices — down roughly 29% from where they were one year ago — should lower inflation in the coming months, a factor that could help clear the way for the Fed to slow rate hikes.