Both WTI and Brent are seeing sharp losses. CL is down and heading close to $105. Hourly candles shown below:

oil  hourly 22 June 2022

While there are the usual suspects that can be pointed to:

  • recession fears (and thus demand destruction)
  • China demand still languishing as the country addresses COVID in its very strict manner
  • Discussions are proceeding on capping the price of Russian oil
  • OPEC to increase production beyond the 400K-odd bbls per day

All these are known and not fresh news.