Brent crude hovers around $85

Brent crude futures briefly consolidated above the $86 per barrel mark, before the price fell to around $85. At the time of writing, Brent is trading at $85.25 versus Monday’s opening price at $86.11 after departing the eight-month low of $84.6, supported by concerns about further supply disruptions, particularly those from Russia amid a looming EU ban on its crude.

Speculations indicate that OPEC could further intervene in markets. OPEC and its oil-producing allies, including Russia, announced a small supply cut earlier this month and vowed to take more action should volatile market moves persist.

Fears mount that an aggressive tightening from major central banks worldwide would derail global growth and dampen energy demand. On top of that, a stronger dollar has been putting pressure on energy markets, making dollar-priced commodities more expensive for buyers holding other currencies.