Oil Prices Under Pressure on Economic Fears and Gusher of Russian Supply

This week’s tumble in oil prices has its origins in concerns that the Federal Reserve’s campaign of higher interest rates is slowing the economy and curbing energy demand. 

But there’s another factor behind the slide: Traders think Moscow hasn’t followed through fully on pledges it made in response to Western sanctions to throttle production. They say Russia keeps pumping and exporting huge volumes of oil to maximize income for its beleaguered economy—crude that has added to a global surplus and undermined Saudi Arabia’s effort to bolster the market.