Why oil prices fall below $70?

According to trading data on the ICE exchange in London, oil prices have begun to gradually fall. Last week, they reached the minimum of December last year. Since this Monday, prices have continued falling.

On Monday, the cost of Brent oil futures for November fell to an average of $71 per barrel.

On Tuesday, prices reached a multi-month low and fell to $69 per barrel. This is the lowest level recorded since December 2021. As of 18:42 (Moscow time), the cost of a barrel fell by 4%, to $68.9.

Today, the price of Brent oil futures rose slightly from $69.7 to $70.1 (10:23 Moscow time) per barrel.