Oil and Wall Street fell together
The price of oil in global markets has unexpectedly decreased, and now Brent crude from the North Sea has fallen below eighty dollars per barrel for the first time since January of the ending year. This is happening while, considering the recent OPEC+ meeting and the decision of its members to maintain the current production level, any action by Russia and Saudi Arabia and their other allies in that structure to reduce production might have the opposite effect and only reduce their income without affecting the price. Even imposing a price cap on Russian oil has not shaken the oil market, at least in recent days.
This development in the energy market has occurred exactly parallel to a significant decline in the U.S. stock market, which is due to serious concerns about the near-term economic cycle outlook and the possibility of the U.S. entering an economic recession. The demand for oil has slightly decreased, and the high supply and decreased demand have also reduced the price of American oil.