Oil prices fall

Global oil prices declined to 2% on October 11 afternoon amid fears of a global recession and demand, Qazet.az reports according to the auction data.

Thus, the price of December futures for Brent crude fell by 2.14%, to $94.13 per barrel, November futures for WTI - by 2.41%, to $88.93. In the morning, oil prices fell by an average of 0.5%.

Oil is trading lower on fresh demand concerns. Market risk has been heightened once again on fears that the global economy, including the US, will face a very challenging 2023, Saxo Bank’s head of commodities strategy Ole Hansen told Bloomberg.