Crude Oil Hits 3.5-Year Low in Global Market
There was a significant decline in the price of crude oil in the global market, which reached its lowest level in three and a half years.
Brent oil at $68.85, West Texas Intermediate at $66.79 per barrel
Brent crude oil fell to $68.85 while West Texas Intermediate fell to $66.79 per barrel, which is the lowest price since August 2021.
China-US trade war and OPEC decisions are the reason for the price drop
According to experts, the trade tensions between the US and China and news of a possible increase in OPEC production have increased pressure on oil prices.
Global economic slowdown, energy demand likely to decrease
According to economists, the slowdown in the global economy could further reduce energy demand, which is likely to reduce prices further.
Good news for the public, hope for cheaper fuel
Experts say that this reduction could lead to lower energy prices globally, which is expected to provide relief to consumers.
