(Bloomberg) -- Oil fell below $80 a barrel for the first time in more than three months as a weakening outlook for fuel demand overshadows worries about possible supply disruptions from the Middle East crisis.
Brent crude futures, the international benchmark, declined to the lowest intraday price since July. After surging above $90 in the aftermath of Hamas's Oct. 7 attack on Israel, the commodity has slid sharply over the last three weeks on an array of concerns.
With supplies from the Persian Gulf so far unaffected by the conflict, attention has pivoted to a deteriorating macroeconomic backdrop and weakening oil fundamentals. Demand in the US and Europe is showing signs of softening, Chinese consumption has been shaky and doubts linger over whether central banks are done hiking interest rates.
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