Business

Major oil benchmarks fall below $110

Oil prices fell as much as $4 a barrel at the start of the week’s trading session, extending a slide that began last week as diplomatic attempts to end the Ukraine conflict intensified and markets braced for higher US interest rates.

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As of this writing, the global standard, Brent oil futures, is down 2.7 percent, trading at $109.62 per barrel, while the US benchmark, West Texas Intermediate (WTI) crude futures, is down 2.8 percent, trading at $106.23 per barrel.

Both contracts have increased in value since Russia launched a special military operation in Ukraine on February 24, marking the start of Russia’s invasion of Ukraine. Year-to-date, both benchmarks are up about 40%. (YtD).

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