Concerns spread over demand decline due to COVID-19 mutation and economic downturn
International oil prices plummeted on fears of a recession.
West Texas Intermediate (WTI) for August delivery on the New York Mercantile Exchange (NYMEX) on the 12th (local time) is trading at $95.71 per barrel, down 8.05% ($8.38) per barrel as of 4:15 pm.
This is the lowest price since April 11, according to Dow Jones Market Data, a financial information company.
September Brent crude on the London ICE Futures Exchange is also trading below $100 a barrel as of 4 p.m.
The price of Brent crude also fell to its lowest level in three months.
The sharp drop in oil prices was mainly driven by concerns regarding the spread of the novel coronavirus infection (COVID-19) Omicron sub-mutation and economic recession caused by inflation.
It is also analyzed that the recent strength of the dollar also contributed to the decline in oil prices.
/yunhap news
