Oil falls to 7-mth low on renewed demand fears
Oil prices fell more than $1 on Wednesday to their lowest as COVID-19 curbs in top crude importer China and expectations of more interest rate hikes spurred worries of a global economic recession and lower fuel demand, News.Az reports citing Reuters.
Brent crude futures fell $1.35, or 1.5%, to $91.48 a barrel by 0420 GMT after slipping 3% in the previous session. The contract hit a session low of $91.35, the lowest since Feb. 18.
U.S. West Texas Intermediate crude futures shed $1.55, or 1.8%, to $85.33. The benchmark fell to a session low of $85.17, the lowest since Jan. 26.
Oil pared strong gains made on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, decided to cut output by 100,000 barrels per day in October.