Oil prices are at their lowest level in 15 months – Al-Hiwar Al-Jazaery

Global oil prices continued to decline during the first hours of trading today, Monday, to record the lowest level in 15 months, and reinforced fears of a crisis in the global banking sector.

According to Bloomberg Agency, the price of West Texas Intermediate crude, which is the benchmark for US oil, fell to less than $65 a barrel, and commodity futures prices continue to decline, and the price of West Texas Intermediate crude fell by 2.1% to $65.31 a barrel, while Brent crude, the global oil benchmark, fell 1.9% to $71.61 a barrel. On the other hand, the global price of gold jumped by 1.0% to $1990.68 an ounce.

The decline in black gold prices for the first time since December 2021 comes in light of fears of an economic recession in the world, which will affect the demand for crude, and the markets fear a recession due to the risks threatening the global banking sector.

Algeria had confirmed that it was following these developments in the short and medium term, with great interest, and had warned of an unfair collapse if it adopted unilateral measures and legislation aimed at misleading market mechanisms, which would lead to a lack of investment in the oil industry, as well as create major disruptions in supply flows. and creating conditions for permanent instability in the oil market.