Crude Oil Prices Fall Significantly

Crude oil prices fell significantly despite improved employment figures and a positive Purchasing Managers’ Index.

Brent crude fell by 3.5% to trade at $79.76 per barrel, while the American WTI dropped 3.30% to trade at $74.39 per barrel.

Oil prices have been on a freefall this week as markets remain unimpressed by the G7 oil price cap that has not led to any anticipated supply shortage.