U.S. oil prices have fallen below $90 a barrel for the first time since the war in Ukraine began in February. Prices have steadily decreased in the past two months with increased oil production, easing demand and broader recession fears. (via nytimes)
. But prices have steadily decreased with increased oil production, easing demand and broader recession fears.
“The biggest driver of this dip is really the fact that investors are turning their attention to the possibility of a recession and how that could impact demand,” said Faisal A. Hersi, an energy analyst at Edward Jones., a 29 percent drop from its peak in March of about $124 a barrel. Brent crude, the international benchmark, dropped to about $94.by 100,000 barrels a day in September, a small amount compared with the 650,000 added in July and August.
Restricted supply and the war in Ukraine have driven up oil prices this year, straining countries grappling with an energy crisis. President Biden has blamed energy companies for
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