🛢️ WTI crude oil dropped below $55 per barrel, marking its lowest level since February 2021 amid continued market weakness.
• Brent crude also slid under key levels, keeping global benchmarks near multi-year lows.
• Oversupply concerns and slowing demand are pressuring prices — increased production and weaker global consumption are key drivers.
• Russia-Ukraine peace optimism and China demand weakness have added to bearish sentiment.
• Impact: Lower oil often leads to cheaper gasoline for consumers but squeezes energy producers and drilling activity.
#OilMarket #EnergyPrices #CrudeOil #WTI