Oil prices fell by seven percent

According to trading data, world oil prices for the first week of August fell by more than 7%, which was the strongest weekly decline since October 2020.

Following the trading results, the price of October futures for Brent crude oil fell by 0.8% to $ 70.7 per barrel. September WTI futures fell by 1.2% to $ 68.28 per barrel.

This week, the market was covered by a wave of concerns related to the spread of the delta strain of coronavirus. In particular, investors became more afraid for demand after China imposed restrictions on movement in some cities and tightened quarantine measures.

Oil was cheaper from Monday to Wednesday, and on Thursday, prices rose by more than 1% as traders began to win back data from the US Department of Energy on gasoline stocks. For the week ended July 30, gasoline inventories fell to the lowest since November 2020 and amounted to 228.9 million barrels.

On Friday, oil prices were rising, but they could not stay in the “green zone.” In general, during the week, Brent crude oil fell by 7.4%, WTI-by 7.7%. This weekly drop was the strongest since October 2020.

Meanwhile, according to the oilfield services company Baker Hughes, the number of operating oil drilling rigs in the United States for the week ended August 6 increased by two to 387 units.

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Author: Ivan Maltsev
The study of political and social problems of different countries of the world. Analysis of large companies on the world market. Observing world leaders in the political arena.
Function: Chief-Editor
Ivan Maltsev

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