Benchmark Crude WTI is down 0.20% to $77.79 as of 4:41 a.m. EST today. After yesterday’s plunge, crude oil prices are now down almost 8% over the past month on global macro dynamics.

After rumors of OPEC output slowing, reports of a price cap for Russian oil in the $65-$70 per barrel range by the European Union further dampened sentiment.

This price range may not stem Russian oil flows and rising COVID-19 cases in China continue to…