Brent oil falls below $75 a barrel for first time since March

Brent crude futures fell below $75 a barrel for the first time since March as traders fret about the health of the global economy, Bloomberg reported.

The benchmark was as high at $87 a barrel as recently as mid-April, shortly after several members of the OPEC+ producers group said they’d cut production by more than 1 million barrels a day. But a softening US economy and continued fragility among its banks, as well as weak manufacturing data in China, have turned investors much more bearish and caused refining margins to slump.