Oil Prices Slide as Investors Worry Energy Demand Is Slowing
Saudi Arabia is slashing oil exports. U.S. crude oil in storage is dropping. Members of the European Union will soon sharply reduce how much fuel they buy from Russia.
Susanna Jenkins
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Saudi Arabia is slashing oil exports. U.S. crude oil in storage is dropping. Members of the European Union will soon sharply reduce how much fuel they buy from Russia.
Those developments would normally send oil prices sharply higher. Yet oil prices have been sliding. The U.S. benchmark, West Texas Intermediate, fell to about $80 a barrel on Friday from more than $90 at the start of the month.
Price of West Texas Intermediate crude oil
Clifford Krauss is a national business correspondent based in Houston, covering energy. He has spent much of his career covering foreign affairs and was a winner of the Overseas Press Club Award for international environmental reporting in 2021.
