Oil prices on the world market today fell to their lowest level since the beginning of the year as worries about a possible recession eased fears that Russia’s oil price cap could significantly affect supply.
A warning from major US banks about a possible recession next year weighed on prices as the dollar rose, making oil more expensive for users of other currencies.
In London, the price of Brent North Sea crude fell 55 cents and now stands at $78.80 a barrel, the lowest since January.
In New York, the price of light crude fell 38 cents to $73.87 a barrel.
“There is still a lot of uncertainty in the market,” said Claudio Galimberti, a market analyst at Ristad Energy.
