A barrel of Brent North Sea oil depreciated by almost five percent on Friday at 16:00 CET and was sold for 86 dollars (CZK 2,170). It last reached such a value on January 24.
The US light WTI oil showed an even bigger decline, which weakened by almost six percent to a price of $79 per barrel. It was last below the $80 mark on January 10.
A sharp decline is also taking place on the stock markets. Global stocks hit two-year lows on Friday. Conversely, the dollar index reached its highest level in two decades, putting pressure on oil.
Russian oil exports by sea are falling, India is losing interest
Oil prices began to rise significantly in February after the start of the war in Ukraine. At one time, the price of Brent was sold for more than 120 dollars (CZK 3,030) per barrel. It only fell below the hundred-dollar mark in mid-July.