https://twitter.com/tweet4Anna_NAFO/status/1998535860216599016
Oil prices are barreling toward their worst year since the Covid crash.
A flood of non-OPEC supply and cooling demand has knocked crude prices down about 20%.
Russia is feeling the squeeze as low prices and sanctions hammer oil revenues and growth.
Oil prices are on track for their steepest annual drop since the Covid-era crash in 2020, battered by fears of a deepening supply glut — and compounding economic pressure on Russia as sanctions and discounts bite harder.
US benchmark West Texas Intermediate crude oil futures are trading around $58 a barrel, down nearly 20% for the year. Meanwhile, Brent crude futures are around $61 a barrel.
Oil prices have been on a downtrend due to rising output from producers and slowing demand growth.
The supply-demand dynamic has weighed heavily on prices, dulling the impact of geopolitical tensions that might otherwise have lifted crude, including US strikes on Iran in June and the US’s blockade of sanctioned oil tankers going to and from Venezuela.