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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Oil Prices Slump to Lowest Since Before Ukraine Invasion

Oil Ukraine Recession Russia
The fall in oil prices could come as a relief to large consumer nations. EPA

Global oil prices dropped on Thursday to their lowest levels since before Russia's February invasion of Ukraine as traders fretted over the possibility of an economic recession later this year that could torpedo energy demand.

Benchmark Brent crude futures dropped more than 3% to $93.81 a barrel after touching a mid-session low of $93.20, the lowest since Feb. 21. West Texas Intermediate (WTI) crude futures fell 2.7% to $88.21 after touching the lowest since Feb. 3 at $87.97.

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