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 settled down $2.66, or 2.75%, at $94.12, the lowest close since Feb18. West Texas Intermediate (WTI) crude futures settled down $2.34, or 2.12%, at $88.54, the lowest close since Feb 2. This decrease in oil prices is beneficial to consumer nations such as the United States and territories within Europe because of rapid inflation and limited supplies.

Oil prices hit lowest since Ukraine invasion amid recession fears

Posted On: August 5, 2022

< 1 minute read

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 settled down $2.66, or 2.75%, at $94.12, the lowest close since Feb18. West Texas Intermediate (WTI) crude futures settled down $2.34, or 2.12%, at $88.54, the lowest close since Feb 2. This decrease in oil prices is beneficial to consumer nations such as the United States and territories within Europe because of rapid inflation and limited supplies.