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Crude Oil Prices Falls Below $ 77 Per Barrel

Crude Oil : Prices fell almost 3% to a near 9-month low on Monday, with WTI crude futures trading below $77 per barrel as fears mount that an aggressive tightening from major central banks worldwide would derail global growth and dampen energy demand.

On top of that, a stronger dollar has been putting pressure on energy markets, making dollar-priced commodities more expensive for buyers holding other currencies.

Meanwhile, Crude Oil Prices investors continue to monitor supplies, particularly those from Russia amid a looming EU ban on its crude, and speculation that OPEC could further intervene in markets. OPEC and its oil-producing allies, including Russia, announced a small supply cut earlier this month and vowed to take more action should volatile market moves persist.

While Brent crude Oil futures consolidated above the $86 per barrel mark, bouncing off an eight-month low of $84.6, supported by concerns about further supply disruptions, particularly those from Russia amid a looming EU ban on its crude, and speculation that OPEC could further intervene in markets.

OPEC and its oil-producing allies, including Russia, announced a small supply cut earlier this month and vowed to take more action should volatile market moves persist. Still, fears mount that an aggressive tightening from major central banks worldwide would derail global growth and dampen energy demand. On top of that, a stronger dollar has been putting pressure on energy markets, making dollar-priced commodities more expensive for buyers holding other currencies.

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