Oil prices have fallen to levels not seen since before the war in Ukraine began as the market weighs a recession threat in the face of the highest U.S. inflation rate in decades.
Benchmark Brent crude fell as much as 6% to trade briefly below $95 per barrel on Thursday. Brent closed at $96.84 just before Russia invaded Ukraine on Feb. 24. Prices then soared to as high as $139 as markets reckoned with the fallout from the conflict.
West Texas Intermediate, the main benchmark for North America, traded as low as $90.56 per barrel. Just a week ago, WTI closed at $102.63 per barrel.
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I'm sure gasoline will be back down to $2.77 soon like it was on Feb 22, 2022