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WTI and Brent crude oil prices fell for a third straight session on Tuesday, with the U.S. benchmark now at its lowest level in a year. Front-month Nymex crude for January delivery closed the day -3.5% to $74.25/bbl, its lowest in nearly a year, while February Brent crude finished -4% to $79.35/bbl, its weakest close since January 3. It’s now clear that the broader market selloff and worries about more aggressive monetary tightening by the Federal Reserve have overshadowed any positive effect from the new price cap on Russian oil sales. 

Crude oil prices fell slightly today after the U.S. Energy Information Administration reported an inventory decline of 5.2 million barrels for the week to December 2.

Crude prices fell significantly at the beginning of the week despite robust US economic data coupled with strong labor figures and positive industry PMI.

In a year of global economic uncertainty fuelled by inflation, geopolitical crises and supply chain insecurity, the Middle East witnessed a second consecutive year of economic growth, with countries in the region investing in new technologies and projects that could herald greater integration in the years ahead.