Oil prices moved lower in early trading on Wednesday. They fell to their lowest level in about a month, probably fueled by fears of recession.
A barrel (159 litres) of the North Sea type Brent cost 110.75 dollars on Wednesday morning, 3.90 dollars less than Tuesday. The price of a barrel of American WTI oil fell by $ 4.08 to $ 105.44.
Oil prices are still about 40 percent higher than at the beginning of this year.
This has everything to do with the Russian invasion of Ukraine and the Western sanctions against Russia. That country is one of the largest oil suppliers in the world.