The price for a barrel of Brent oil fell below $90 a barrel on the futures markets on Wednesday for the first time since early February.
The fear of an economic recession and, thus, lower demand for crude oil is at the root.
At around 3.20 pm Belgian time, the price of a barrel of Brent oil, which determines the European market, fell 3.18 percent to $ 89.88 per barrel. The American oil type WTI also lost ground, falling to $83.86.
In fact, that is the lowest level since January, well before there was a Russian invasion of Ukraine.
The gas price also fell further on Wednesday. The Dutch TTF future, which determines the European market, was 7 percent lower on Wednesday afternoon at 221 euros per megawatt hour.
That is a lot less than the peak of almost 350 euros at the end of August, but still considerably more than the gas price last year, when it fluctuated around 30 euros per megawatt hour.