Singapore September 26 2022: Brent, the international oil benchmark, fell below $85 a barrel for the first time since January amid mounting concerns about a global economic slowdown.
Central banks around the world have hiked interest rates to quash inflation, further crimping oil demand. At the same time, Russia’s invasion of Ukraine and China’s Covid-19 lockdowns have battered the global outlook for supply and demand.
Brent fell as low as $84.70 a barrel by 7:40 a.m. in London while WTI is trading at $77.48 a barrel.
Brent’s dip came after West Texas Intermediate crude posted its longest stretch of weekly losses this year. Both benchmarks are heading for quarterly declines, with low liquidity fueling massive price swings.
