Oil prices fell to their lowest level since January as fears of a looming recession dampened global demand.

Brent crude, the international oil benchmark, fell 3.6 percent to below $80 a barrel, its lowest level since Russia invaded Ukraine, prompting global prices to surge.

Fears of a global slowdown have increased in recent weeks. China, the world’s largest oil importer, said activity in the service sector hit a six-month low.

In the UK, the Office for Budget…

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