July 7, 2022 | Investopaper
International crude oil prices have fallen below $100 a barrel. WTI Crude Oil is trading at $99.05 as of Thursday. Likewise, the price of Brent oil has fallen to $101.04 per barrel.
In recent weeks, there has been a growing fear of a global recession as the consumption has started declining. With this the demand for oil has weakened which has resulted in fall in prices of oil.
About a month ago, the price of Brent crude oil crossed US $124 per barrel. Similarly, the price of WTI crude oil had reached $120. Russia’s military action in Ukraine had sparked dispute with the United States, which has pushed up crude oil prices in international markets.
Russia’s oil embargo had caused problems in the world’s supply chain. Following Russia’s invasion of Ukraine, European countries have imposed sanctions on various Russian products, including oil. The United States has warned India and other countries not to buy oil from Russia.
Russia is the third largest oil producer after the United States and Saudi Arabia. The European Union (EU) is planning to cut 90 percent of its oil imports from Russia.