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Economic Forces

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Oil Prices Plummet to 15-Month Lows Amidst OPEC+ Calm.
business2 years ago

Oil Prices Plummet to 15-Month Lows Amidst OPEC+ Calm.

Oil prices hit their lowest levels since December 2021 due to bearish economic forces outweighing the bullish impacts of China's rebound and sanctions against Russia. West Texas Intermediate crude futures fell 4.7% and Brent crude fell 4.4%. The Energy Select Sector SPDR ETF was down 1.5%. Analysts predict the worst case scenario could be oil prices dropping to $40 a barrel.