Oil prices declined due to expectations of an increase in OPEC+ supply
Kyiv • UNN
Oil ended August with a drop in prices due to expectations of an increase in OPEC+ supply starting in October. Brent fell by 1.43% to $78.80 per barrel, WTI - by 3.11% to $73.55 per barrel.
Oil ended the last week of August with a significant decline in the market. Benchmark oil brands showed negative dynamics on Friday, August 30. In particular, commodity prices declined as investors weighed expectations of an increase in OPEC+ supply starting in October. In addition, the market is influenced by hopes for a significant reduction in the US interest rate, which is forecast for September after data showing high consumer spending, according to Reuters, UNN reports.
Details
On Friday, Brent crude oil fell by $1.14, or 1.43%. The oil brand ended the trading session at $78.80 per barrel. We are talking about October futures. Overall, Brent crude fell by 0.3% over the week and by 2.4% in August.
Contracts for US West Texas Intermediate crude oil fell by 2.36 or 3.11% to $73.55 per barrel. Over the past week, crude oil fell by 1.7%, and over the past month - by 3.6%.
According to Bloomberg, current oil prices have stalled at these levels:
- Brent crude oil futures are at $76.93 per barrel;
- WTI contracts are trading at $73.55 per barrel.
