The price of Brent crude fell below $85 per barrel

MOSCOW, 26 Sep — PRIME. World oil quotes are falling on Monday morning on fears of a possible recession and demand prospects, the price of Brent crude is trading below $85 for the first time since January 14, according to trading data.

As of 7:31 Moscow time, the price of December futures for Brent crude fell by 0.53%, to $84.58 per barrel, November futures for WTI — by 0.48%, to $78.36.

Market fears about a possible recession intensified after a number of major central banks last week continued to raise key rates against the backdrop of high inflation. The US Federal Reserve System (FRS) also raised the rate, and experts believe that the regulator will raise the rate again in November.

Against this background, the dollar exchange rate also strengthened. Thus, the dollar index (the exchange rate against a basket of currencies of six countries – US trading partners) is trading at 114 points – for the first time since May 2002. A more expensive dollar makes commodities, including oil, less available to buy in another currency.