Oil price drops to lowest price in nearly six months

The price of a barrel of Brent oil from the North Sea – which determines the price at the pump – fell 0.9% to 94.21 dollars. A barrel of American-style WTI oil decreases by 0.7% and costs $88.82.

Signals of a slowing economy pushed the price to its lowest level in almost six months. Demand for oil has fallen, particularly in China, the world’s largest oil consumer.

The price spike caused by the Russian invasion of Ukraine – which pushed the price to $130 a barrel – has almost completely disappeared.


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