Brent falls 5.20% and falls below  for the first time since February

Brent falls 5.20% and falls below $90 for the first time since February

The price of a barrel of Brent oil for delivery in November ended this Wednesday in the London futures market at 88 dollars, 5.20% less than at the end of the previous session and, for the first time since last February 2, by below the $90 barrier.

North Sea crude, a benchmark in Europe, ended the day on the International Exchange Futures down $4.83 from the last trade, when it closed at $92.83.

The prospect of a slowdown in demand due to the slowdown in China and the fear of a recession in Europe continued to weigh on the price of Brent, which had remained above 90 dollars since the Russian invasion of Ukraine began.

Concern about the global economy has offset the measures taken this week by OPEC+, led by Saudi Arabia and Russia, which will cut their joint production in October to try to avoid a price collapse.

The strength of the US dollar, the currency in which oil futures are traded, has also contributed to cooling trading on the London futures market, according to analysts.

Investors were also attentive to the rise in interest rates in Canada, which today increased by 0.75 points, to 3.75%; and waiting for the European Central Bank (ECB) to announce tomorrow if it will raise its rates to 1.25%.

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