The Stock's price decreases significantly

Oil prices on world markets fell for the second consecutive day amid fears that the potential global recession will shrink demand.

Even more pressure has exerted on its meaning the strengthening of the American dollar.

New York Times reports that the price of black gold has already dropped to the lowest level since January.

A barrel of oil was sold on the US Stock Exchange for $78.75, a drop of $7.5% compared to last week, and 5.7% fell on the London Stock Exchange for $85.15. The slowdown in the world's largest economies is already felt.

Due to high inflation, central banks are increasing interest rates, but this slows economic growth and as a result weakens energy demand.

Last week, US and Swiss central banks raised the basic interest rates by 0.75 percentage points, while the central British and Norwegian ones by half. Traders fear that higher borrowing costs will stifle economic growth.

Their fears were also backed by a survey of S&P Global a few days ago, which showed contractions for three months in the eurozone, underscored that a recession was very likely.

Strong dollar also negatively affects the price of oil. The green currency index, which has gained ground against the other six major world currencies, rose 3% last week, reaching a new 20-year level, but this has a negative impact on demand.