Oil prices fell below $90/bbl for the first time since early February

Brent crude oil futures fell below $90/bbl during trading on September 7 for the first time since February 8, 2022. This is evidenced by the data of the auctions. Compared to the previous day, Brent fell by 3.5%.

At the same time, US WTI crude oil futures fell below $84/bbl, also the lowest value since early February. WTI fell by 3.2% day to day.

The main reason for the decline in world oil prices is a reduction in demand from the world’s largest importer, China, amid an increase in the number of Covid-19 diseases.

In addition, the market expects a further increase in interest rates, which raises fears of a global economic recession and reduced demand for fuel.

One may remind that OPEC+ recently agreed to reduce oil production in October by 100,000 bbl/d, which is more of a symbolic reduction to support the price. After that, Saudi Arabia lowered its own selling prices for oil to buyers in Asia.