Oil prices fell in Tuesday evening trading by more than 3%, and Brent oil fell below $80 a barrel for the first time since January 6, 2022.

By 20:18 Moscow time, futures for Brent crude fell 3.35% to $79.91 per barrel.

And futures contracts for US West Texas Intermediate crude traded at $74.47 per barrel, down 3.2% from the previous settlement price.

The fall in oil prices comes amid fears that the economic downturn will affect the demand for black gold, and analysts at BCS World of Investments indicated that “oil markets are under pressure due to the deterioration in the situation in global markets.”

Source: Interfax + Prime

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Robin Jackson is the editor-in-chief at 24PalNews. As an editor and author who covers business and finance, Robin shares the latest business news, trends, and insights with his extensive audience.

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