Oil nosedives on recession fears ...News

Crude prices gave up gains for the year falling below $80 a barrel for the first time since January The price of oil has continued to decline, settling below $80 on Wednesday for the first time since early January. Economists attribute the fall to uncertainty over demand amid a global economic slowdown. As of 14:40 GMT on Wednesday, benchmark Brent was trading at $79.86 per barrel, while US West Texas Intermediate (WTI) crude was at around $74.56. According to experts, cited by OilPrice, sanctions imposed by the West on Russian oil had little impact on prices, unlike the global economic slowdown triggered by the e

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