Oil prices had initially gained, but turned lower in afternoon trading. WTI crude was down 1.9% to around $106 a barrel, after having dropped more than 10% Wednesday. The price is up about 42% for the year. Markets anticipate a severe reduction in the global supply of oil after the U.S. imposed a ban on imports of Russian oil. A higher oil price could destroy consumer demand, which is already threatened by high inflation.
Oil prices had initially gained, but turned lower in afternoon...
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