U.S. crude oil on Tuesday hit the lowest level since May, putting prices on pace for the worst performance in seven years as traders factor in a looming surplus and the possiblity of a peace agreement in Ukraine.
West Texas Intermediate hit $55.69 per barrel while Brent touched $59.42, the lowest level for the benchmarks since May 5.
The U.S. benchmark has lost about 22% this year for its worst performance since 2018. The global benchmark has shed nearly 20% for its worst year since 2020.
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U.S. crude oil on Tuesday hit the lowest level since May, putting prices on pace for the worst performance in seven years as traders factor in a looming surplus and the possiblity of a peace agreement in Ukraine.
West Texas Intermediate hit $55.69 per barrel while Brent touched $59.42, the lowest level for the benchmarks since May 5.
The U.S. benchmark has lost about 22% this year for its worst performance since 2018. The global benchmark has shed nearly 20% for its worst year since 2020.
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