In particular, as of 18:04 Kyiv time, prices for the benchmark Brent brand fell to $106 per barrel. Since the beginning of trading, it has fallen in price by more than 7 percent.
Futures for West Texas Intermediate crude fell 5.9% to nearly $102 a barrel.
According to Bloomberg, oil prices are under pressure from falling stocks and a stronger dollar, which has made currency-valued commodities less attractive. Experts believe that in anticipation of a recession, oil prices may fall to $65, although this contrasts sharply with JPMorgan Chase & Co’s forecast of $380 per barrel.
“In the near future (indices – ed.) Dow and S&P will have a big impact on the direction of oil, as recession fears persist,” – said Dennis Kissler, senior vice president of trading at BOK Financial.
Experts also believe that demand may fall significantly after the celebration of the US Independence Day on July 4th.
–
