Oil prices fall on fears of global recession

Oil fell slightly on November 3 morning amid investor fears about a global recession and reduced demand for crude, Report informs referring to the auction data.

The price of January futures for Brent crude fell by 0.38% to $96.79 per barrel, and December futures for WTI dropped 0.57% to $89.49.

Markets are assessing the likelihood of an economic recession in the light of another increase in the US Federal Reserve’s discount rate.