According to the Reuters news agency, concerns about the further increase of interest rates by central banks and as a result of economic recession in the world and the drop in fuel demand caused the prices of crude oil to decrease on Tuesday (8th of September).

Brent North Sea crude oil for October settlement fell 56 cents, or 0.5 percent, to $104.53 per barrel on Tuesday at 6:20 GMT.

The price of this type of crude oil increased by 4.1% in yesterday’s transactions, which is the highest growth in the last month.

The October contract expires on Wednesday (September 9), and the November contract was traded at $102.57 per barrel, down 0.4 percent.

The US West Texas Intermediate (WTI) crude oil index was also down 14 cents, equivalent to 0.1%, to $96.86 per barrel on Tuesday. US oil prices had risen 4.2% in the previous day’s trading.

Inflation in many of the world’s largest economies has been near double digits, unprecedented in nearly 50 years, which could prompt central banks in the United States and Europe to raise interest rates further.

Haitong Futures brokerage analysts say: the prediction about the possibility of a further increase in interest rates by the US Federal Reserve Bank has reduced the willingness to take trading risks.

The drop in natural gas prices in Europe also adds uncertainty to the energy crisis.

Fatih Birol, head of the International Energy Agency, announced on Monday that Russia’s higher-than-expected oil production amid Moscow-Kiev tensions is another factor affecting prices.