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Oil Falls Below $90 for First Time Since War as Demand Slows

  • US data show weaker gasoline usage, rising crude inventories
  • OPEC+ agrees modest supply increase, warns on spare capacity
New Harmony Oil Field As White House Mulls Fuel Export Limits
Photographer: Luke Sharrett/Bloomberg
Updated on

Oil extended declines to the lowest in almost six months as weaker US gasoline demand and recessionary fears weighed on markets.

West Texas Intermediate fell 2.3% to $88.54 a barrel, a level last seen in the weeks leading up to Russia’s invasion of Ukraine. This week’s descent was touched off by government data showing Americans are driving less than they did in the summer of 2020. Fears of an economic slowdown have intensified along with the potential impacts on crude demand.