Oil prices fell sharply

During trading on the London ICE exchange, oil fell sharply. The price of a benchmark barrel of Brent fell by almost five percent, according to the site. December futures fell below $87 for the first time since September 1, 2023. During the day, the decrease was about five percent. At a minimum, a barrel of North Sea oil fell in price to $86.49. A barrel of Texas WTI crude oil delivered in November also fell in price. At the time of writing, its…

Oil prices fell more than 4 percent on Wednesday, following reports that Russia may lift its ban on diesel exports in the coming days and U.S. government data that indicated weak gasoline demand, Reuters reports. Brent crude futures fell $3.88, or 4.3 percent, to $87.04 a barrel,. U.S. West Texas Intermediate (WTI) crude fell $3.87, or 4.3 percent, to $85.36, News.ro reports. At their session lows, both benchmarks lost over $4, and oil and gasol…

The fall in oil prices is gathering momentum after fresh inventory figures from the US, which are edging up amid fears that rising interest rates will take a toll on the global economy.