Oil prices are lowest in the last seven months in the global market.

The price of Brent crude futures in the world market on Wednesday morning (September 7) fell by 1.08 US dollars per barrel. Which is one and a half percent less than yesterday.

On February 18, the price of Brent crude futures in the world market was 91.20 US dollars per barrel.

In the first session of the day today, the price of US benchmark West Texas Intermediate (WTI) crude fell by $1.20 to $85.68 per barrel.

Recently there has been an outbreak of coronavirus again in China. As a result, the Chinese government has imposed a new lockdown in various cities of the country. Besides, the central bank of different countries of the world can increase the interest rate to control inflation. As a result, there is a fear of global economic recession. As a result, the demand for energy products has decreased worldwide. Basically, the price of oil has fallen in the world market due to these two reasons.

(September 7/OF)