Brent falls below $85 for first time since January as slowdown looms

Representative image (Source: Reuters)

Brent fell below $85 a barrel for the first time since January this year amid rising concerns about a global economic slowdown.

Brent’s dip came after WTI crude, which posted its longest stretch of weekly losses in 2022 and is now below $78.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies may consider intervening to stem the slide.

Read More | Govt reduces windfall tax on crude oil to Rs 10,500 from Rs 13,000/tonne

Oil prices fell five per cent on Friday and seven to eight per cent over the week in both the crude varieties.

Apart from crude, natural gas prices fell 11 per cent and gasoline fell four per cent in the past week .

Energy markets have declined in the last four weeks due to rising dollar index, recession fears, inflation, and contraction in business.