For a barrel of the US West Texas Intermediate (WTI), the price has fallen to $89.08, down 47 cents from yesterday.
Oil prices are falling amid concerns about the slowing economy and rising inflation, which could dampen demand for oil. In addition, there is the continued strong dollar. This makes crude oil, which is traded in dollars, more expensive for those who do not trade in the US currency.
On the other hand, concerns about possible supply problems due to political unrest in oil countries such as Iraq and Libya are still somewhat keeping oil prices in check. In addition, several OPEC countries including Saudi Arabia have already indicated that they will limit supply if prices continue to fall. The 23 oil-producing countries and their allies within OPEC+ will discuss production on September 5.