Commodities
Oil Falls From Three-Week High As Wall Street Slumps
- Thin liquidity leaves futures susceptible to broader swings
- WTI poised for modest annual advance after a volatile 2022
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Oil sustained losses as the dollar ticked higher and equity markets erased gains, easily swayed by broader market swings amid thin liquidity.
West Texas Intermediate fell below $79 a barrel after closing at a three-week high earlier this week. Gains were driven by China’s determination to continue easing restrictions even as Covid infections there soar. Volatility was also heightened after the Kremlin said this week it would ban exports of Russian crude oil and refined products to foreign buyers that adhere to a price cap.