Despite efforts by Russia to gradually cut its reliance on oil, a lengthy energy market turmoil could be challenging for the country’s economy and could even result in a major economic crisis.
Oil has continued its dramatic fall this week, dropping to more than an 18-year low on Wednesday amid global recession worries and low demand. Both US West Texas Intermediate (WTI) and international benchmark Brent slightly rebounded on Thursday, trading at $22.55 and $27.65 respectively.
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