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Crude oil plunged on bearish demand outlook

As a result of a weaker demand outlook, oil prices fell on Friday. Oil prices are back at the levels they were before Russia invaded Ukraine, illustrating traders’ focus on a global recession and demand destruction.

WTI crude was assessed at $88.48/barrel, down 6 cents while Brent crude dropped 10 cents, to $94.02/barrel.

As per the source, oil markets remained firmly in backwardation, where prompt prices are higher than in future months, indicating tight supplies.

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