Oil prices are declining amid fears of a downturn in the global economy and lower energy demand, Trading Economics reported.
This year will be tougher for the global economy than last year, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said. “We expect a third of the world economy to be in recession,” she said in an interview with CBS.
March Brent crude futures on London’s ICE Futures exchange were priced at $85.51 a barrel at 7:00 ksk, down $0.4 (0.47%) from the previous session’s closing price.
The price of futures on WTI crude oil for February on electronic trade of the New York Mercantile Exchange (NYMEX) decreased by that time by $0.35 (0.44%) – to $79.91 per barrel.
By the end of 2022 Brent quotations went up by about 10%, WTI – by 7%.
