RTR: Oil prices slump as receding price-cap threat unmasks worsening demand

REUTERS reports:

Global oil prices have tumbled more than 20% as the threat to production from the G7 Russia price cap has receded allowing traders to refocus on the deteriorating outlook for consumption.

Front-month Brent futures prices have slumped to less than $78 per barrel from a recent high over $98 just a month ago on Nov. 4.