The cost of December futures for Brent crude oil on the London-based ICE Futures exchange fell by 0.5% to $91.89 per barrel. The price of Brent crude oil fell below $92 per barrel for the first time since October 31.

The price of WTI crude futures on the New York Mercantile Exchange falls 1% to $84.78 a barrel.

“The level of fuel demand in the U.S. remains high, there are no signs of recession in this area yet. OPEC+ countries are cutting production this month, and Russian production could fall in December due to the EU embargo and accompanying sanctions. All this tilts in favor of the opinion that the wave of price decline is close to completion,” noted Igor Galaktionov, expert of “BKS Investment World” in his morning note.

He also noted that oil quotations were negatively affected by the growth of production in the US. The persistence of strong demand emphasizes the restrained impact of a probable recession on fuel consumption, which provides “quite good support and allows not to expect prices to fall below $90 per barrel,” Galaktionov believes.