Oil falls amid recession fears, Brent below $95

Oil drilling rigs

Oil prices closed lower today, Oct. 11, amid fears of a global economic recession that could hurt the demand for crude.

The International Monetary Fund (IMF) reduced its forecast for global economic growth next year to 2.7%, down 0.2% compared to its previous estimates issued last July.

The IMF pointed out that there are several risks to the global economy, including the Russian war in Ukraine, inflation pressures, rising interest rates and the repercussions of the COVID-19 pandemic.

Investors are awaiting the release of the monthly report of the OPEC on Oct. 12, which will show the volume of oil production by the members of the organization, in addition to the expectations of demand and supply of crude.

Brent crude futures declined 2%, or $1.90, to settle at $94.29 a barrel. WTI crude for November delivery also fell by 2%, or $1.78, to reach $89.35 a barrel.