Mar 16, 2023 - Economy

Oil tumbles to lowest since Russia's attack on Ukraine

Data: FactSet; Chart: Axios Visuals

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.

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