Oil closes 2% lower, Brent below $85 for first time since January

Oil rigs

Oil prices fell to their lowest levels since the beginning of this year, today, Sept. 26, amid concerns about the global economic recession and supply developments.

Expectations are growing about the possibility of a recession in some major economies, with central banks continuing to raise interest rates to stem the acceleration of inflation, in conjunction with the Russian war in Ukraine and the energy crisis in Europe.

The European Union may delay imposing a ceiling on Russian oil prices, amid differences between member states on the matter, Bloomberg reported, citing unnamed sources.

Commodity prices, in general, were also affected by the continued strong rise of the US dollar against major currencies, which reached its highest level in 20 years.

Investors are waiting for the OPEC+ meeting on Oct. 5, during which the group may consider an intervention to stop the decline in prices.

Brent crude fell 2.4%, or $2.09, to settle at $84.06 a barrel. WTI crude fell 2.6%, or $2.03, to reach $76.71 a barrel – the lowest level since last January.