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Recession concerns lead to low oil prices

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Oil prices fell in trading today, Thursday, after weak US economic data raised concerns about a global recession that will affect oil demand.

Futures for US West Texas Intermediate oil traded at 09:10 Moscow time at $80.18 per barrel, down 0.53% from the previous settlement price.

On the other hand, Brent oil futures traded at $84.63 a barrel, down 0.44% from the previous close.

Despite the decline in oil prices, they are on track for a record increase for the third week in a row, and the increase came after the countries of the OPEC+ group announced additional voluntary production cuts.

Source: RT + Bloomberg

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