Oil prices fall below $USD80 per barrel

The big bounce in oil prices since OPEC+ cut its production by 1 million barrels a day at the start of this month has “petered out”, says Sky News Business Editor Ross Greenwood.

“Oil, which bounced to more than $80 US a barrel has retreated rapidly over the past few days back almost to the levels before those OPEC cuts,” Mr Greenwood said.

“It seems concerns about the First Republic Bank and worries of a slowdown in the US have prompted the price fall.”