The price of a barrel of Brent oil dropped to $90. The fall in prices crossed the growth caused by the OPEC+ decision.
The price of a barrel of Brent oil on the London ICE exchange for the first time since January fell below $90. The cost of the US benchmark West Texas Intermediate fell below $85, Bloomberg reports.
It is worth noting that the drop in oil prices is accompanied by a sharp increase in the dollar and the fear of global demand for it.
Central banks around the world are raising interest rates to curb inflation. At the same time, investors fear that such a monetary policy could provoke a recession.
Demand for oil in China, in turn, is suffering due to quarantine restrictions introduced in connection with the coronavirus.
The fall in prices offset a rise caused by the decision by the Organization of the Petroleum Exporting Countries and its allies on Monday to cut production.
The previous day, it was reported that oil prices fell after OPEC + announced production cuts.
As reported, the Russian Federation threatened not to supply oil to some countries and said that the idea to limit the price of Russian oil is completely absurd.
The G7 introduced a ceiling on the price of Russian oil. What does this mean
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.