The price of a barrel of oil fell today by about $10. The American type fell below $100 while the price of Brent comes to less than $103. It should be noted that last month oil lost about 7% of its price. 

What is causing the sharp declines is the fear of a global recession that will lower demand. In addition, raising interest rates in the US strengthens the dollar, which is another incentive to sell oil.

Gulf states that have so far celebrated record revenues due to the rise in oil prices since the beginning of the year should take into account that the trend will be reversed.

However, it is important to emphasize that despite the sharp decline today, expect nervous and frantic oil trading in the coming weeks because alongside a moderating demand there is a counter-factor related to supply problems, including a strike by oil workers in Norway ....