Supply via a major Caspian pipeline has been stopped due to technical violations, according to the news agency Sputnik A Russian court on Wednesday ordered a 30-day suspension of the activity of the Caspian Pipeline Consortium (CPC), which takes oil from Kazakhstan to the Black Sea via one of the world’s largest pipelines.

The Russian currency continued to slump on Wednesday, falling to its lowest point since late May against the US dollar and the euro. The ruble was 4.5% weaker against the greenback at 63.90, after touching 64.95, its weakest point since May 30. It was down 3.5% versus the euro, slumping to a five-week low.

Crude could nosedive if the global economic slowdown hurts demand, Citi analysts predict Crude oil could plunge to $65 per barrel this year and fall further to $45 by the end of 2023 if a global recession cripples demand, Citigroup warned on Tuesday.