Oil prices have fallen below $80 U.S. per barrel as concerns grow about demand heading into the end of the year.
West Texas Intermediate (WTI) crude oil, the U.S. standard, fell 3.8%, its biggest drop in more than two weeks, to $76.21 U.S. per barrel.
Brent crude oil, the international benchmark, is now trading at $81.84 U.S. a barrel, also down substantially from two weeks ago.
Stronger-than-expected U.S. economic data has raised the prospects that the U.S. Federal Reserve will continue raising interest rates to lower inflation, and that expectation has roiled financial markets in recent days.
At the same time, the European Union (EU) has implemented a new price cap on Russia crude oil imports of $60 U.S. per barrel.
In recent weeks, oil prices have moved within a $10 U.S. trading range as markets consider the price cap on Russian crude, China loosening its COVID-19 restrictions, and the risk of an economic recession in the U.S.
Open interest in main oil contracts is now at its lowest level since 2015, indicating that commodity traders have pared back their positions.
Oil prices were above $120 U.S. per barrel in mid-June of this year.
