Oil and Wall Street fell together
The price of oil in global markets has unexpectedly dropped, and now North Sea Brent oil has fallen below eighty dollars per barrel for the first time since January of the ending year. This comes despite the recent OPEC Plus meeting and its members’ decision to maintain current production levels. Any action by Russia, Saudi Arabia, and their other allies in that structure to reduce production might backfire and only reduce their income without affecting the price. Even imposing a price cap on Russian oil hasn’t shaken the oil market, at least in these days.
This development in the energy market has occurred exactly alongside a significant drop 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. Oil demand has slightly decreased, and high supply and reduced demand have also lowered the price of American oil.
