The price of a barrel of the North Sea type Brent – the European reference – had fallen by almost 10 percent to USD 102.57 at around 5.40 pm. For a barrel of the American WTI type, the price even dropped below USD 100: -8.75 percent to USD 98.94.
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The reason for the decline is the fear of a new recession. An economic downturn would mean a fall in demand for oil.
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