World oil prices fell by about 1% on Monday morning due to global economic risks and corrective dynamics.

The price of April futures for Brent crude fell by 1.02% to $85.51 per barrel, and March futures for WTI dropped by 1.14% to $78.81.

A slowdown in global economic growth will worry investors in 2023, and the challenge is to balance this with a recovery in China, Bloomberg quotes Warren Patterson, Head of Commodity Strategy at ING Groep NV.

Over the past week, oil prices have risen by about 8%. This, in particular, was facilitated by the statement of Deputy Prime Minister of the Russian Federation Alexander Novak about plans to reduce oil production in Russia in March.

Patterson also notes that by the middle of the year, the market may become more scarce, pushing oil prices to $100 a barrel.

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