Brent crude hits pre-Ukraine invasion lows on account of recession fears
Oil prices fell on Thursday, with Brent touching $93.50 a barrel – the lowest since Feb. 21 before Russia’s invasion of Ukraine sent prices soaring – as fears mounted of an economic recession which could sap fuel demand.
Brent crude futures were down $2.88, or 3%, at $93.90 a barrel by 1543 GMT, while West Texas Intermediate (WTI) crude futures fell $2.37, a 2.6% decline, to $88.29.
Brent hit a low of $93.50, the lowest since Feb. 21 while U.S. crude touched its lowest since Feb. 3 at $87.97.
The selling followed an unexpected surge in U.S. crude inventories last week. Gasoline stocks, the proxy for demand, also showed a surprise build as demand slowed, the Energy Information Administration said.
