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After overnight gains following Monday's selloff triggered by new COVID-19 shutdowns in China and prospects of slowing global economic growth, oil futures nearest delivery on the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange again reversed lower.
Oil futures nearest delivery on the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange fell sharply in early trade Monday.
Oil futures nearest delivery on the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange continued lower in early trade Tuesday.
Oil futures nearest delivery on the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange reversed lower in afternoon trade Thursday, with both the U.S. and international crude benchmarks falling as much as 2%.
Following an unprecedented three-day rally that pushed contracts to 10-year highs or more triggered by the crisis in Ukraine and subsequent sanctions on Russia for its unprovoked invasion of the European country, oil futures on the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange dropped back Thursday.