International oil prices, which had only soared, fell.

It fell below $100 a barrel for the first time since May.

It is analyzed that the supply problem, which was the cause of the rise in oil prices, has not been resolved, but it is because of concerns about an economic slowdown. 

Correspondent Kim Jong-won reports from New York.


On the New York Exchange today (6th), the price of crude oil from West Texas fell by more than 8% compared to the battlefield by 9 dollars.

It was the first time since early March four months ago that this degree of decline was recorded, and the closing price recorded a three-month low of $99.5.

Brent crude also fell more than $10 a barrel, its lowest level since May.

The fall in oil prices is interpreted as concerns that demand for oil will fall amid the growing possibility of an economic downturn.

In today's US Treasury yields, short-term 2-year yields outperformed 10-year long-term yields.

From the collapse of the dot-com bubble in 2001, the global financial crisis in 2007, and the corona crisis in 2020, the long-term and short-term government bond yields inverted about a year to six months ago, raising concerns that this time around is a harbinger of an economic downturn.

The strong dollar, which has risen to its highest level in 20 years, is also cited as a factor in the decline in oil prices.

However, the supply problem is still unresolved.

The war in Ukraine shows no sign of being resolved, and it is predicted that oil production could be cut by 130,000 barrels a day as Norwegian oil workers go on strike recently.

[John Kirby / White House National Security Council spokesperson: As the price of gasoline has reached the $5 level per gallon, the pain people feel at gas stations is increasing.

The president is working hard to solve the oil price problem in all areas.]

President Biden is making a trip to Saudi Arabia, where there is a conflict over human rights in the middle of this month, and is struggling to keep up with oil prices, but major oil producing countries increase oil production. It doesn't seem easy to pull out.