(MENAFN) The price of Brent oil dropped under USD80 per barrel, recording over 3 percent on Tuesday as stockholders are concerned around a sharper rate rise from the Federal Reserve next week.
International main Brent crude exchanged at USD79.72 a barrel at 08.31 PM regional time (17:31 GMT), dropping 3.58 percent from the ending price of USD82.68 per barrel in the prior exchanging session.
At the same time, American main West Texas Intermediate (WTI) sold at USD74.41 a barrel, a 3.27 percent decrease following the prior session ended at USD76.93 per barrel.
Brent witnessed its 11-month-decrease, reaching its worst rate since Jan. 7 due to feeble oil request estimates as the central bank's hawkish monetary tightening might force the American economy into a recession in 2023, as said by most economists.
JPMorgan Chase chief executive Jamie Dimon stated on Tuesday that peak inflation could disturb the US economy and trigger a recession next year.
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