In the New York crude oil market on the 23rd, the international crude oil futures price temporarily fell below $80 per barrel for the first time in about eight months.
This is due to a series of moves by central banks around the world to tighten monetary policy, as well as growing concerns that the global economic slowdown will lead to a drop in demand for crude oil.
In the New York crude oil market on the 23rd, the WTI futures price, which is an index for international crude oil trading, temporarily fell below $80 per barrel.
It is the first time in about eight months since January this year that 1 barrel has fallen below $80, and the first time since Russia's military invasion of Ukraine in February.
In the background, central banks around the world, including Europe and the United States, have successively tightened monetary policy to curb inflation, and there is growing concern that demand for crude oil will decline due to the global economic slowdown.
WTI futures prices temporarily exceeded $130 per barrel in early March following Russia's military invasion, accelerating global inflation.
After that, it turned to a decline, and in September, OPEC Plus, which is made up of major oil-producing countries, decided to reduce crude oil production in October in order to support prices.
"If crude oil prices continue to fall, there is a view that OPEC Plus will be forced to cut production further," said a market source.