Oil prices fell to their lowest settlement levels this year with Brent closing below $80 for only the second time this year. Prices have now fallen for three straight sessions with a string of bearish news. Service-sector activity in China has hit a six-month low, and European economies have slowed due to the high cost of energy and rising interest rates. “It’s been quite the three days – with OPEC+ deciding not to further cut production on Sunday, the toothless start of the Russian price cap and sanctions yesterday, and a rout in equity markets today, oil speculators are charging for the exits amid a flight from risk assets,” said Matt Smith, lead oil analyst at Kpler. WTI traded down $2.68 or -3.5% to close at $74.25. Brent traded down $3.33 or -4% to close at $79.35.

Click here if viewing from mobile