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.


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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