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International crude oil market oversupplied, West Texas oil prices plummet

16 Mar 2023 16:24 reported by Liv Wang

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The International Energy Agency (IEA) said on March 15 that the international crude oil market is oversupplied because Russian output has not decreased as expected. Also, the market is worried about the global economic recession triggered by the banking crisis, and the international crude oil price fell more than 5% in intraday trading.

West Texas Intermediate (WTI) crude for April delivery dropped by US$3.72 (5.2%), reaching US$67.61/barrel on the New York Mercantile Exchange. WTI price fell below US$70/barrel for the first time since December 2021.

Brent crude for May delivery slid by US$3.76 (4.9%), settling at US$73.69/barrel.

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