Moderate demand outlook and easing supply tensions plunge crude oil prices to 6-month lows

Oil prices in the benchmark NYMEX futures started the year at $85.5 a barrel, but abruptly skyrocketed to $126 when Russia launched its military operation in Ukraine. However, as investors pored over global economic data, that has spurred worries over potential recession that hurt the energy demand later. From its recent highs, prices have corrected more than 40% so far this year.

Moderate demand outlook and easing supply tensions plunge crude oil prices to 6-month lows
Oil prices in the benchmark NYMEX futures started the year at $85.5 a barrel, but abruptly skyrocketed to $126 when Russia launched its military operation in Ukraine. However, as investors pored over global economic data, that has spurred worries over potential recession that hurt the energy demand later. From its recent highs, prices have corrected more than 40% so far this year.