February 8, 2023
Business

Oil prices have fallen to their lowest levels since the invasion of Ukraine as recession fears grow

Oil prices have fallen to their lowest levels since the invasion of Ukraine as recession fears grow

BRITAIN/NEW YORK: The price of crude oil fell on Thursday to its lowest level before Russia invaded Ukraine in February as traders worried that there would be an economic crisis later this year that would undermine demand for energy.

Benchmark After reaching a mid-session low of $93.20, the lowest since February 21, Brent oil futures saw a more than 3% decline to $93.81 a barrel. Following a low of $87.97, West Texas Intermediate (WTI) crude futures decreased by 2.7 percent to $88.21.

Large consumer countries like the United States and countries in Europe may be relieved by the drop in oil prices.Early in the year, oil prices had risen to well over $120 per barrel due to a sudden uptick in demand following the COVID-19 epidemic as well as supply difficulties brought on by sanctions against major producer Russia over its invasion of Ukraine.

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