scorecardresearchOil prices fall steepest since 2020 amid slowdown worries

Oil prices fall steepest since 2020 amid slowdown worries

Updated: 31 Aug 2022, 10:41 AM IST
TL;DR.
Oil headed for a third monthly drop, the longest declining streak in more than two years, on prospects for slower global growth as central banks tighten policy and China presses on with its Covid Zero strategy.
Oil prices rose on Wednesday as sanctions on Russian banks following Moscow's invasion of Ukraine hampered trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market. Brent crude futures climbed $3.55, or 3.4 percent, to $108.52 a barrel at 0135 GMT, scaling highs not seen since July 2014. US West Texas Intermediate (WTI) crude futures were up $3.75, or 3.6 percent, to $107.16, after peaking at $107.55 in early trade, the highest since July 28, 2014.

Oil prices rose on Wednesday as sanctions on Russian banks following Moscow's invasion of Ukraine hampered trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market. Brent crude futures climbed $3.55, or 3.4 percent, to $108.52 a barrel at 0135 GMT, scaling highs not seen since July 2014. US West Texas Intermediate (WTI) crude futures were up $3.75, or 3.6 percent, to $107.16, after peaking at $107.55 in early trade, the highest since July 28, 2014.