Brent Crude Drops by Over 9%

Brent Crude: futures slid more than 9% to below $103 per barrel on Tuesday, the lowest in nearly eight weeks as concerns that a global recession might hurt energy demand more than offset persistent supply-side issues.

In the latest developments, Norwegian offshore workers began a strike on Tuesday that is expected to cut around 130,000 barrels or 6.5% of the country’s daily oil production, according to Reuters. Elsewhere, OPEC+ has been struggling to pump more crude due to underinvestment, capacity limits and political unrest in some member states.

Meanwhile, Saudi Arabia hiked its flagship Arab Light crude price grade for Asian customers by $2.80 as demand remains robust.