Business
Brent oil falls below $75 a barrel for first time since March
Brent crude futures fell below $75 a barrel for the first time since March as traders fret about the health of the global economy.
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The benchmark was as high at $87 a barrel as recently as mid-April, shortly after several members of the OPEC+ producers group said they’d cut production by more than 1 million barrels a day.
But a softening US economy and continued fragility among its banks, as well as weak manufacturing data in China, have turned investors much more bearish and caused refining margins to slump.
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