Oil rig|Tsuda|CC BY-SA 2.0
Oil prices saw a steep decline on Wednesday, with global prices falling over 13% after reaching a nearly 14-year high the previous day.
The news comes on the heels of President Joe Biden’s embargo on US purchases of Russian oil, adding pressure on Moscow for its invasion of Ukraine.
Crude oil prices surged since the start of Russia's invasion of Ukraine on February 24, leading to erratic trading action. The decline is said to have been spurred by Ukraine’s indication that they are open to diplomatic solutions to resolve the conflict.
As for recent oil price action, West Texas Intermediate crude fell to slightly over $110 per barrel Wednesday afternoon, while Brent crude traded close to $112 a barrel.
