WTI crude oil prices maintained recent declines on Wednesday to trade around $76 per barrel, remaining under pressure ahead of the release of the most recent minutes from the Federal Reserve, which may offer insight into the course of US interest rate increases.
Walmart and Home Depot, two of the largest retailers in the United States, also issued dire economic warnings as high inflation continued to put pressure on consumers and reduce corporate margins.
Russia has recently announced plans to reduce production by 500,000 barrels per day—roughly 5% of total production—in March in response to Western sanctions in order to maintain a price floor.
Nonetheless, the United States intends to impose additional sanctions on Russia for the invasion of Ukraine, possibly targeting Russia’s energy sector.
Both the International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (OPEC) raised their projections for the expansion of oil demand in 2023 in light of rising Chinese consumption.
