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Sun. Oct 2nd, 2022

Oil prices are declining in today’s trading after crude prices recorded their highest level in 7 years yesterday, while the US West Texas Intermediate futures contract is declining by 0.77%.

Oil prices fell, during Thursday’s trading, and this came after crude prices recorded their highest level in 7 years yesterday.

By 10:01 Moscow time, US crude futures West Texas Intermediate fell 0.77% to $ 86.88 a barrel.

Meanwhile, Brent crude futures fell 0.49% to $89.52 a barrel, according to Bloomberg website data.

Yesterday, oil prices jumped above $90 a barrel, for the first time in seven years.

The decline in oil prices came after the US Federal Reserve indicated that it would soon start raising interest rates to counter inflation.

Source: Almayadeen English