Oil is at its lowest level since the end of April last year

Oil prices returned to the red in trading this afternoon, Wednesday, with Brent contracts trading below $100 a barrel for the first time since April 25, 2022.

By 5:19 pm Moscow time, futures for Brent crude fell 3.23% to $99.4 a barrel, while futures for US West Texas Intermediate oil fell 3.49% to $96.03 a barrel.

So far, black gold prices have been rising as Brent contracts approached $104 a barrel after falling yesterday Tuesday amid economic downturn fears.

And Bloomberg reported that investors are considering the possibility of a recession in the global economy as a result of tightening monetary policy by world central banks, ignoring signs of a decrease in oil supply.

Source: RT+Prime

Related Stories

Leave a Reply