Brent oil drops below 90 dollars a barrel

1 min read
The aim is to set the price at a level that covers Russia's cost of production, thus incentivizing Moscow to continue exporting oil (PIXABAY)

The barrel price of Brent oil fell to $ 89 a barrel in international markets as increasing recession concerns negatively affected the demand outlook

The price per barrel of Brent oil, which completed the day at 92.83 dollars yesterday, fell 3.58 percent to 89.51 dollars as of 16:43 today. Thus, the barrel price of Brent oil saw its lowest level since February 8.

In the same minutes, West Texas (WTI) crude oil was traded at $ 83.39 a barrel.

In global markets, the downward trend in oil prices continues due to concerns about the energy crisis and recession, as well as expectations that central banks, especially in the US, will continue tightening measures.

Complete cessation of gas supply from Nord Stream increases the possibility of recession

Yesterday, international credit rating agency Fitch Ratings said that the complete cessation of gas supply through the Nord Stream pipeline has further increased the likelihood of a recession in the Eurozone.

In addition, concerns that the measures taken against the COVID-19 outbreak in China will also suppress demand support the decline in prices.

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