New York August 17 2022: Oil prices fell over 3% on Tuesday to their lowest since before Russia’s invasion of Ukraine, as economic data spurred concerns about a potential global recession, while the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports.
Brent crude futures fell 3.11%, to $92.14 a barrel. The contract hit a session low of $92.51 per barrel, the lowest since Feb. 18.
West Texas Intermediate crude (WTI) shed 3.42%, to $86.35 a barrel. The benchmark fell to a session low of $86.69 per barrel, lowest since Feb. 1.
The contracts fell about 3% in their previous sessions.
The European Union and the United States said on Tuesday they were studying Iran’s response to what the EU has called its “final” proposal to save a 2015 nuclear deal after Tehran called on Washington to show flexibility.
