Oil prices fell below US$81 after surging more than 8 percent last week. Although Moscow will reduce supply by half a million barrels per day by March 2023 due to tightening flows, investors remain wary that the Federal Reserve needs to continue pushing interest rates higher to tame inflation. The Fed's push has weighed on the appetite for riskier assets including commodities.
Global crude oil prices weakened on concerns about a global slowdown, offsetting sentiment of Russia's plan to curb supply in retaliation for Western sanctions.
Global crude oil prices weakened on concerns about a global slowdown, offsetting sentiment of Russia's plan to curb supply in retaliation for Western sanctions.