Oil prices fell the most in more than a year on Wednesday, settling near $85 a barrel, erasing gains over the past month.
Brent crude oil fell 5.6% to settle at $85.81 a barrel, its biggest drop since August 2022. Last week, Brent crude oil approached the $100 mark, hitting an intraday high of $97.69 on Thursday.
U.S. West Texas Intermediate crude oil prices fell 5.6% to $84.22, the biggest drop since September 2022.
The decline wiped out gains accumulated since early September, when major producers Saudi Arabia and Russia vowed to extend voluntary production cuts.
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