Oil falls to lowest level this year, Brent below $80

Oil drilling rigs

Oil prices fell to their lowest levels this year today, Dec. 6, amid continued concern about global demand for crude.

Brent crude fell 4%, or $3.33, to close at $79.35 a barrel -- the lowest level since Jan. 3.

WTI crude slumped 3.5%, or $2.68, to $74.25 a barrel, its lowest level since December 2021.

Concerns persist in the global markets about the Federal Reserve continuing to raise interest rates, which may push the US economy into recession.

Russia is considering setting a price floor for its international oil sales as a response to the $60 cap that the G7 and European Union nations set last week, Bloomberg reported.

Meanwhile, the US Energy Information Administration lowered its forecast for Brent and WTI crude prices for 2022 and 2023, while raising estimates of crude production in the United States.