U.S. oil prices fall below $90 a barrel for the first time since Ukraine invasion.

US oil futures fell below $90 a barrel for the first time since the war in Ukraine began as investors worried about a slowing global economy.

The national average price of gasoline went from about $5 a gallon to about $12 a barrel because of oil's price increase. Increased oil production has led to a decrease in prices.

The biggest driver of this dip is the fact that investors are looking at the possibility of a recession and how that could impact demand.

West Texas Intermediate oil fell to below $90 a barrel on Thursday, a 29 percent decline from its peak in March. The international benchmark fell to $94.

The group of oil producers known as OPEC Plus agreed to increase production by 100,000 barrels a day in September, a small increase compared with the 650,000 added in July and August. The data from the Energy Information Administration showed that crude oil inventories in the US increased by 4.5 million barrels.

Oil prices have gone up this year due to the war in Ukraine and other factors. President Biden blames energy companies for profiteering at the expense of American consumers, who are struggling to pay high prices at the gas pump. At the start of the summer, demand for oil was high.

Fears of a recession in the United States have led to fears that demand for oil will fall further.

The increase in crude oil inventories may have had a small impact, but I think the bigger concern is the risk of a recession in the future.