Crude slides to 7-month low on economic woes

LONDON: Oil prices fell by more than $3 on Wednesday to their lowest since Russia invaded Ukraine on demand fears stoked by looming recession risks and downbeat Chinese trade data.
Brent crude futures were down $3. 4, or 3. 7%, at $89. 4 a barrel by 1338 GMT, touching their lowest since February 3, and falling below $90 a barrel for the first since since February 8. US West Texas Intermediate (WTI) crude fell by $3. 4, or 3. 9%, to $83. 5, reaching its lowest since January 24 as recession fears moved back into the spotlight.
“The spectre of a demand-sapping recessionacross the West is closer to becoming reality as soaring inflation and rising interest rates dent consumption,” said PVM analyst Stephen Brennock.