US oil prices fall below $90 a barrel for the first time since February

Source: New York Times

“Oil prices continued to fall on Thursday, with U.S. oil futures dipping below $90 dollars a barrel for the first time since the war in Ukraine began, as concerns about a slowing global economy worried investors. Just two months ago, oil prices surpassed $120 a barrel, helping to push the national average price of gasoline to about $5 a gallon. But prices have steadily decreased with increased oil production, easing demand and broader recession fears. … On Wednesday, the group of oil producers known as OPEC Plus agreed to increase production by 100,000 barrels a day in September, a small amount compared with the 650,000 added in July and August. Crude oil stockpiles also rose by 4.5 million barrels, according to data from the Energy Information Administration released Wednesday, surprising analysts, who expected inventory to fall.” (08/04/22)