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Oil Sees Double-Digit Losses as Demand Slides

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Oil prices saw a double-digit drop as ongoing worries about global demand outweighed potential disruptions from the EU’s embargo on Russian crude imports. International benchmark Brent finished the week at a near 12-month low of $76.15 per barrel Thursday, having shed $10.73/bbl. US price-pin West Texas Intermediate lost $9.76/bbl to close at $71.46/bbl. The EU’s embargo on Russian crude went into effect on Dec. 5, and the G7 has agreed to a price cap on Russian crude. Both developments could pose significant disruptions to the global oil market. But aside from a tanker snarl-up in Turkish waters there was surprisingly little impact.

Topics:
Jet Fuel, Crude Oil, Diesel/Gasoil, Oil Spot Markets
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