International crude oil prices crashed to a near three-year low yesterday, with the benchmark Brent crude futures sinking below 70 dollars a barrel for the first time since December 2021. This came shortly after the Organisation of Petroleum Exporting Countries and its allies (OPEC+) slashed its global oil demand forecast for this year and 2025.

Brent crude futures settled down 2.65 dollars, or 3.69 percent to 69.19 dollars a barrel. US West Texas Intermediate (WTI) crude settled down 2.96 dollars, or 4.31 percent to 65.75 dollars a barrel. In the US, energy stocks were the biggest loser among the S&P 500 sectors last night.