Oil prices fall today on fears of a US recession

Oil prices are falling today. The decline is driven by fears of a recession in the United States, which have triggered a sell-off in stock markets. However, concerns about the conflict in the Middle East spreading further, which could also affect oil supplies, are partly limiting the fall in oil prices.

At around 17:40 CEST, the price of North Sea Brent crude was down 0.7 percent at 76.28 dollars a barrel. US light crude WTI was down 0.8 percent at 72.96 dollars a barrel at the same time.

Stock markets around the world fell today. Fears of a recession in the US prompted investors to flee riskier assets and bet that a rapid cut in interest rates would be needed to kick-start economic growth.

However, concerns about supplies are partly supporting oil prices. Libya's largest oil field has halted production, according to news agencies. The reason is apparently protests by local residents, which have shut down the site.

Fighting in the Gaza Strip continued on Sunday, a day after an unsuccessful round of ceasefire talks in Cairo. Israel and the US are also preparing for an escalation of tensions in the region after Iran and its allies, Hamas and Hezbollah, vowed to take revenge on Israel for the killing of the Hamas leader and Hezbollah's top military commander.

„The risk of a wider regional war, although I still think it is small, cannot be ignored,“ IG analyst Tony Sycamore told Reuters.

Oil prices in dollars per barrel (about 159 litres):