Crude Oil Prices Fall: On Friday, Brent futures were down 47 cents, or 0.56%, at USD 83.60 at 1411 GMT, while U.S. West Texas Intermediate crude futures were down 55 cents, or 0.67%, at USD 81.76.
Brent and WTI futures were on course for almost 12% and 10% week-on-week declines, respectively, on Friday, as concerns that higher for longer interest rates will slow global growth and hammer fuel demand offset announcements by Saudi Arabia and Russia confirming voluntary supply cuts to the end of the year.
The shortfall will mean that Russia s fuel buyers will have to shop elsewhere, prompting refiners to process more of a dwindling crude supply to meet that demand, said Tamas Varga of oil broker PVM.
Calling the current anti-Russian sanctions “weak,” Ukrainian President Vladimir Zelensky told the Washington Post on Monday that the West must impose a full embargo on all energy imports from [.]