Brent Oil Price Falls Below $80 Per Barrel

For the first time in 3.5 months.

Brent crude oil futures for delivery in January 2024 on the London ICE Futures exchange fell by 2.12%, falling to $79.88 per barrel. Oil of this brand is traded below $80 per barrel for the first time since July 21, 2023.

The price of WTI oil futures for December delivery on the New York Mercantile Exchange decreased by 2.39% to $75.52 per barrel.

Brent crude oil prices fell for the third week in a row as the war risk premium due to the war between Israel and Hamas decreased and the outlook for demand worsened, according to Bloomberg. In addition, traders fear a drop in demand for fuel from China and the USA. There are concerns in the market about the state of the economy of China, the largest importer of oil in the world, as well as doubts about whether the US Fed has completed the tightening of monetary policy.