Oil price drops to lowest price in nearly six months

Published on Tuesday, August 16, 2022 at 09:05

Par Sudinfo with Belga

Crude oil is cheaper on Tuesday. Fears of a slowdown in the global economy and therefore a drop in demand are weighing on prices.

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.