The price of “black gold” is falling due to bad economic news from China and the decreasing threat of an all-out war in the Middle East.
World oil prices continued to fall on Tuesday morning after falling below $80 a barrel the previous day, the lowest since early June. This was confirmed by the trading results on July 30.
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Thus, September futures for Brent on the London ICE Futures exchange fell to $78.89 per barrel. On Monday, this grade fell in price by $1.35 (1.7%), to $79.78 per barrel.
Meanwhile, September futures for WTI fell in price in electronic trading on the New York Mercantile Exchange (NYMEX) to $75.66 per barrel. In the previous session, the contract fell in price by $1.35 (1.8%) to $75.81 per barrel.
Both brands finished in the red for three weeks in a row.
As Reuters noted, oil prices fell amid concerns about demand in China, the world’s biggest importer, as the market dismissed the risk of an escalating conflict in the Middle East.
A series of disappointing economic news from China has reportedly shaken the markets recently. Manufacturing activity in China appeared to contract for a third month in July.
The market is also watching an upcoming meeting of China’s top decision-making body, the Politburo, this week, where a decision could be made on further support for economic policy.
But expectations are limited after the Third Plenum, a key policy meeting in mid-July, largely reaffirmed existing policy goals and failed to improve market sentiment.
It also noted that oil fell 2% yesterday after Israel signaled that its response to Hezbollah’s missile attack on the Israeli-occupied Golan Heights on Saturday would be timed to avoid dragging the Middle East into an all-out war. .
It was previously reported that weekly oil supplies from Russia fell to the lowest level since the invasion of Ukraine in 2022.
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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.