Since the beginning of this week, Brent has fallen in price by 5.73%, WTI – by 7.25%. Oil prices fell for the fourth straight week for the first time since December last year.
The world’s benchmark oil price fell sharply on the last working day of the week. This was confirmed by the trading data on the evening of Friday, September 23.
Thus, the futures price for Brent crude oil for November delivery on the London ICE Futures exchange fell by 4.99% to $85.95 per barrel. The price of Brent fell below $86 per barrel for the first time since January 24 this year.
In turn, the futures price for WTI crude oil for November delivery on the New York Mercantile Exchange fell 4.80% to $78.69 a barrel. This is the lowest price since January 11th.
Since the beginning of this week, Brent has fallen in price by 5.73%, WTI – by 7.25%. Oil prices fell for a fourth straight week for the first time since December.
According to market analysts, commodity prices are falling on fears of a global recession. This week, the central banks of several countries raised their discount rates. The US Federal Reserve raised the rate by 75 basis points – up to 3-3.25% per annum. The Bank of England raised the rate by 50 basis points to 2.25%, the Swiss National Bank – by 75 basis points to 0.5% per annum, setting a positive discount rate for the first time since 2014.
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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.