In the New York crude oil market on the 9th, the WTI futures price, which is an index for international crude oil trading, temporarily fell to the $70 per barrel level for the first time in about a year since December last year.
In the background, there is a growing view that the global economy will slow down due to the continued significant interest rate hikes in Europe and the United States and the spread of the new coronavirus infection in China, and the demand for crude oil will decline.
In addition, the EU = European Union's ban on the import of Russian crude oil, which began on the 5th of this month, and the EU and G7 = the seven major countries, etc., will set the upper limit of international trading of Russian crude oil to $ 60 per barrel. A growing view that the new sanctions imposed on Russia will have a limited impact on the supply of Russian crude oil has also contributed to the drop in oil prices.
A market insider said, "Investors' concerns over a rise in crude oil prices due to the impact of sanctions on Russian crude oil have eased for the time being, and the downward trend in crude oil prices has become clear." .