Oil prices fell, early on Monday, while investors in the sector awaited a meeting of officials in the Organization of the Petroleum Exporting Countries and other major producers, in order to study the supply of markets in the coming period..
According to “Archyde.com”, Brent crude futures fell by 63 cents, or 0.6 percent, per barrel at 12 GMT..
Meanwhile, West Texas crude fell from $103.34 a barrel to $97.87, or 75 cents.
And oil had fallen even more, when transactions began in Asia, where the price reached 97.55 dollars per barrel.
This decline comes as the price of oil rose by two dollars, last Friday, benefiting from reports of a decline in US stocks, and European fears of reducing Russian supplies..
And at the end of last month, Brent crude and West Texas crude, last July, recorded the second month of losses in a row, for the first time since 2020.
The price of oil fell, amid fears that inflation and high interest rates would cause an economic recession, which means a decline in demand for “black gold.”“.
Oil prices rose remarkably after the start of Russian military operations last February, which led to an unprecedented exacerbation of inflation in many countries of the world..