“Black gold” fell sharply in price
Since the beginning of the current week, Brent has fallen in price by 5.73%, WTI – by 7.25%. Oil is cheaper for the fourth week in a row for the first time since December last year.
World oil prices of reference brands decreased sharply on the last working day of the week. This is evidenced by the trading data on the evening of Friday, September 23.
Thus, the price of Brent oil futures for November delivery on the London ICE Futures exchange decreased by 4.99% to $85.95 per barrel. The price of Brent fell below $86 per barrel for the first time since January 24 of this year.
In particular, the price of WTI oil futures for November delivery on the New York Mercantile Exchange fell by 4.80% to $78.69 per barrel. This is the minimum price since January 11.
Since the beginning of this week, Brent has fallen in price by 5.73%, WTI – by 7.25%. Oil is cheaper for the fourth week in a row for the first time since December.
According to market analysts, raw material prices are falling on fears of a global recession. This week, the central banks of some countries increased the discount rate. The US Federal Reserve increased the interest rate by 75 basis points to 3-3.25% per annum. The Bank of England raised the interest rate by 50 basis points to 2.25%, the Swiss National Bank by 75 basis points to 0.5% per annum, setting a positive interest rate for the first time since 2014.