Oil slid on higher interest rates prospect, rising exports from Russia

International benchmarks for crude oil fell more than 2% on Monday, 30 January 2023 on expectations that central banks around the world will increase key interest rates in the coming week, which could slow demand. Meanwhile, supply from Russia remains strong despite the latest ban from the EU and the price cap from G7.

Brent dropped $1.76 or 2.03% to close at $84.90/barrel.

WTI plunged $1.78 or 2.23% to close at $77.90/barrel.