The price of the black gold fell on investors’ fears that oil supply will increase amid a cautious demand forecast from the main US consumer.
Global oil prices continued to decline on Tuesday morning after falling to their lowest level since early February. This was confirmed by the trading results on June 4.
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At 10:30 Kyiv time, the price of August Brent futures for Brent crude on the London ICEFutures exchange fell by $1.00 (1.28%) to $77.36 per barrel. On Monday they fell $2.75 (3.4%) to $78.36 per barrel.
July futures for WTI oil fell in electronic trading on the New York Mercantile Exchange NYMEX by another $1.13 (1.52%), to $73.09 a barrel. The previous day, futures were down $2.77 (3.6%) at $74.22 per barrel.
The Brent contract ended the last trade at its lowest level since February 5 this year, and WTI – since February 7.
According to Reuters, oil prices continue to fall as investors fear that supply will increase amid cautious demand forecasts from the main consumer, the United States.
OPEC+ countries on Sunday agreed to extend most oil production cuts until 2025, but left open the possibility of voluntary production cuts by eight members, which will be lifted from October.
“Oil prices have recently faced a double whammy, with supply affected by OPEC+’s decision to begin tapering some production cuts from October 2024, while demand conditions are not supported by weaker than expected US manufacturing activity,” IG market strategist Yeap Jun Rong said in an email.
US manufacturing activity slowed for a second straight month in May, and construction spending unexpectedly fell due to weaker non-residential activity – both factors that could lead to lower demand for oil and fuel, the agency said.
We remind you that on June 3, oil prices fell sharply and reached a four-month low. According to some market analysts, the OPEC+ decision has a negative impact on prices.
Sea oil exports from the Russian Federation fell to a two-month low – media
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.