US oil prices fell to their lowest level since Russia’s attack on Ukraine upended global energy markets early last year.
With the numbers: West Texas Intermediate crude oil prices fell more than 4% to around $68 a barrel on Wednesday.
What happened: US crude inventories grew much more than expected last week, suggesting the country’s economic engine is slowing as the Federal Reserve tightens rates.
Why it matters: The drop in oil prices, about 29% from a year ago, should reduce inflation in the coming months, a factor that could help pave the way for the Fed to hold back on rate hikes.
