Oil prices plummeted Wednesday, March 5th as concerns over economic uncertainty, increased OPEC+ crude output, and higher than expected inventory levels pushed prices to their lowest levels in 2-3 years.
The NYMEX-CME WTI Prompt Month Futures price dropped more than 4% intraday to levels as low as $65.22/bbl before settling at $66.31/bbl (far right of blue solid line on chart below) Wednesday afternoon. Prompt WTI fell to its lowest intraday price since May of 2023, and settled below the 50-day moving average, 100-day moving average, and 200-day moving average (dotted blue line in chart below). Similar behavior was seen with ICE Brent futures, with prompt month Brent falling as much as 3.6% intraday to $68.33/bbl - the lowest price since December 2, 2021 - before settling at $69.30/bbl (far right of green solid line on chart below).
