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Oil prices drop sharply today with the WTI extending below $ 80 hitting a low of $ 78.44 a barrel, down around 6% and on the lows since January 10th. The year-to-date balance shrank to + 4.7% with a 36% drop from the peaks of $ 123.7 reached on March 8th.
The sales are fueled by fears about the fallout on demand from the Fed’s aggressive rate moves. The strong strengthening of the US dollar also weighs heavily.