Beautiful Virgin Islands

Wednesday, Jul 16, 2025

Oil price falls to lowest since Ukraine invasion in blow to Putin

Oil price falls to lowest since Ukraine invasion in blow to Putin

Oil prices have tumbled back to levels last seen before Russia's invasion of Ukraine in a blow to Vladimir Putin and Saudi Arabia as the heavyweight producers try to prop up prices.
Brent crude – the UK benchmark oil price – slipped to its lowest level in almost seven months on fears of sinking global demand, extending a recent slump that will ease the pressure on motorists.

The latest fall came despite promises in recent days by major oil producing countries including Russia to boost output in a bid to prop up prices.

Brent crude slipped as much as 1.8pc to $91.20 per barrel, levels last seen in the days leading up to Russia’s invasion of Ukraine and the subsequent energy shock.

Oil has plunged by more than a quarter since June, reducing the revenue the Kremlin can make to fund its war from elevated energy prices.

After surging to almost $140 per barrel at the start of the war, crude has come under pressure as worries over recessions dent global demand.

The cost-of-living crisis is pushing Europe into recession while China’s zero Covid stance is also impacting demand from the world’s second-largest economy.

The latest fall came despite efforts by producers to support prices, which are still historically high.

Oil cartel Opec and allies including Russia announced on Monday they plan to boost crude production by 100,000 barrels a day in a sign they plan to support prices at elevated levels.

Mark Haefele, chief investment officer at UBS Global Wealth Management, said the extra drilling is “relatively trivial compared to the nearly 100 million barrels of global daily production”. But he warned that prices will bounce back as it “sent a message that the oil exporting group is willing to defend the oil price”.

He said: “Oil demand will be bolstered globally by its increasing use to generate electricity, reflecting the rising price or reduced availability of gas and coal.”

Concerns over the global economy were stoked by disappointing trade data out of China overnight.

Exports from China rose 7.1pc year-on-year in August, a sharp slowdown from growth of 18pc the previous month. Imports growth slowed from 2.3pc to just 0.3pc.

Mark Williams, chief Asia economist at Capital Economics, said: “There was a particularly sharp drop in exports to the US and in shipments of the consumer durables that surged most during the pandemic.

“We expect exports to soften further and for imports, which have dropped back considerably in real terms over the past 18 months, to remain subdued.”
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
×