Brent Slips Below $85 A Barrel For The First Time Since January

Brent’s dip came after WTI crude posted its longest stretch of weekly losses this year. Both benchmarks are heading for quarterly declines, with low liquidity fueling massive price swings.

Ilena Peng

26 Sep 2022, 01:17 PM IST

<div class="paragraphs"><p>A worker holds a fuel pump at a Petroleo Brasileiro SA (Petrobras) gas station in Rio de Janeiro, Brazil, on April 8, 2022. (Photo: Andre Borges/Bloomberg)</p></div>

A worker holds a fuel pump at a Petroleo Brasileiro SA (Petrobras) gas station in Rio de Janeiro, Brazil, on April 8, 2022. (Photo: Andre Borges/Bloomberg)

(Bloomberg) -- Brent, the international oil benchmark, fell below $85 a barrel for the first time since January amid mounting concerns about a global economic slowdown.

Central banks around the world have hiked interest rates to quash inflation, further crimping oil demand. At the same time, Russia’s invasion of Ukraine and China’s Covid-19 lockdowns have battered the global outlook for supply and demand.

Brent fell as low as $84.83 a barrel by 7:19 a.m. in London.

Brent’s dip came after West Texas Intermediate crude posted its longest stretch of weekly losses this year. Both benchmarks are heading for quarterly declines, with low liquidity fueling massive price swings.

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