London, November 28 (QNA) – Oil prices fell today to their lowest levels since last December, due to fears of a decline in global demand for oil.
Brent crude lost USD 2.66, or 3.1 percent, to trade at USD 80.97 a barrel, after an earlier drop of more than three percent to USD 80.61.
In turn, US West Texas Intermediate (WTI) crude fell by USD 2.39, reaching USD 73.89 a barrel, after it fell earlier to USD 73.60, its lowest level since Dec. 22, 2021.
This decline is the latest negative development in the market during the past 12 months, which was characterized by turmoil, due to the repercussions of the Russian war in Ukraine, the lockdown measures in China due to the Coronavirus pandemic, as well as the increase in US interest rates.
These fluctuations in prices come ahead of the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies in “OPEC+” early next week, in addition to the signs that the Group of Seven countries (G7) will impose a ceiling on Russian oil prices.
(QNA)