Days after the EU's $60/barrel price cap kicked in, oil prices slump to pre-Ukraine war levels over economic uncertainty

Dec 7 2022 by Business Insider

 
Oil prices are under pressure.

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Oil futures slumped Tuesday to levels not seen before Russia invaded Ukraine. Traders are worried about oil demand in the face of economic uncertainties. They reduced their net long positions in Brent oil by about one-third in the week to last Tuesday.

Just days after an EU price cap of $60 a barrel price cap for Russian crude kicked in, oil futures slumped to levels not seen before the Ukraine invasion, as jittery traders exit the market ahead of...

Continue Reading Days after the EU's $60/barrel price cap kicked in, oil prices slump to pre-Ukraine war levels over economic uncertainty