Crude oil prices, which have seen sharp fluctuations recently with Russia’s invasion of Ukraine, are heading for the biggest weekly decline since November.
With the Russian invasion of Ukraine, oil prices, which rose breathlessly, stopped the rapid rise. Oil prices are heading for the biggest weekly drop since November. Futures in New York are hovering around $106 today. Oil has slumped more than 8 percent this week on news that the US has banned oil imports from Russia.
The sharp rises in commodity prices, from wheat to fuel, also cause an increase in global inflationary pressures.
The barrel price of West Texas-type crude oil for April delivery increased 0.3 percent to $106.04 on Nymex. Prices were down 2.5 percent yesterday.
The barrel price of Brent oil for May delivery also fell 0.2 percent to $109.16. Prices are down 7.5 percent this week.
