Oil prices fell below pre-war levels in Ukraine on Thursday. Most recently, a barrel (159 liters) of North Sea Brent for delivery in October cost 94.56 US dollars. That was $2.23 less than the day before. The price of a barrel of West Texas Intermediate (WTI) for September delivery fell by $1.80 to $88.87.
These are the lowest levels since mid-February. Russia's attack on Ukraine began on February 24. However, oil prices had been rising since early December 2021 in the run-up to the war. They are currently still around 15 dollars above the level at the beginning of the year. Russia is a major oil producing country and the sanctions are weighing on crude oil supply.
New government figures show that US citizens are currently driving less than in the summer of 2020. Concerns about an economic slowdown are also increasing worldwide. The British central bank warned of a recession lasting several quarters. Oil prices had already fallen significantly on Wednesday. Surprisingly higher US crude oil inventories had depressed oil prices.
