Oil Plummets, Erasing All 2022 Gains as Traders Flee Market
- Brent open interest falls to the lowest level since 2015
- Traders weigh economy, implications of Russian crude price cap
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Oil dropped to the lowest since last December as investors pared back crude positions amid a broader market sell-off.
West Texas Intermediate settled near $74 on Tuesday, erasing all of this year’s gains. The slump comes against a backdrop of ever-dwindling liquidity in the oil market: Brent open interest is at the lowest since 2015, as traders strip their positions in the final month of the year.