Oil prices continue to slump and have now fallen to $70 U.S. a barrel as demand continues to weaken and concerns about a global recession intensify.
West Texas Intermediate (WTI) crude oil, the U.S. standard, is now trading at $70.35 U.S. per barrel. Brent crude oil, the international benchmark, is trading at $75.41 U.S. a barrel.
The continued fall in oil prices comes as TC Energy Corp. (TRP) works to restore part of the Keystone pipeline that connects fields in Canada to refiners on the U.S. Gulf Coast following a devastating spill on November 7.
Crude oil prices are now on track to record their first back-to-back quarterly declines since mid-2019 as the demand outlook worsens and risks to global growth increase.
Oil prices have been in steady retreat since the European Union imposed a $60 U.S. per barrel cap on Russian oil imports earlier in December.
At the same time. China has been moving away from its “Zero COVID-19” policy following a wave of citizen protests, offering the potential for a revival in demand in the world's largest crude oil importer.
However, COVID-19 cases continue to surge in China, raising concerns about consumption in that country during the winter months ahead.
Prices for crude oil are now at the same level they were at a year ago, erasing all of the gains achieved in 2022.
