On Wednesday, global oil prices fell more than 3% to a seven-month low due to worries about demand.
While U.S. West Texas Intermediate crude slid over 4 percent to $83.46 per barrel, Brent crude futures were down 3.6 percent to below $90 per barrel.
While the West Texas Intermediate hit its lowest point since January 24, Brent oil futures are presently at their lowest point since February 3.
Price declines are mostly the result of deteriorating Chinese trade statistics and worries about demand.
The severe Covid regulations in China have significantly decreased its consumption, with the nation’s oil imports falling by about 10% in August.
According to Reuters, the cancellation of the Nord Stream 1 pipeline has raised the possibility of a recession in the eurozone, citing credit rating agency Fitch.
At its meeting tomorrow, the European Central Bank is anticipated to raise interest rates (Thursday).
According to a statement from the finance ministry, the government had taken into account suggestions to adjust petroleum prices somewhat in order to reflect changes in worldwide pricing as well as currency rate fluctuations.