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Prices fell oil By more than $3, during trading on Wednesday, it fell to its lowest level since the start of the war in Ukraine.
The decline was driven by concerns regarding demand fueled by a looming recession and weak trade data from China, according to CNBC.
Brent crude futures fell $3.40, or 3.66%, to $89.43 a barrel, touching the weakest level since February 3 and dropping below $90 a barrel for the first time since February 8.
US West Texas Intermediate crude futures fell $3.42, or 3.94%, to $83.46 a barrel, its lowest since January 24.
