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and decline oil prices As investors prepare for a meeting "OPEC" and its producer allies raw On supplies, this week.
Brent crude contracts ended the trading session as low as $3.94, or 3.8 percent, to settle at $100.03 a barrel, after falling at the lowest level in the session to $99.09.
US West Texas Intermediate crude contracts closed down $4.73, or 4.8 percent, to $93.89 a barrel, after recording during the session a much lower level at $92.42.
"lack of momentum"
Factories across the United States, Europe and Asia found it difficult to gain traction in July, as warnings about global demand and strict restrictions linked to the COVID-19 pandemic slowed production in China, according to reports published Monday likely to increase fears of major economies sliding into recession.
Brent and US crude ended July with the second consecutive monthly loss for the first time since 2020, as rising inflation and rising interest rates exacerbated fears of a recession that eroded fuel demand.
Analysts downgraded Shamlam’s survey "Archyde.com" Their forecast for average Brent prices for 2022 to $105.75, the first downward revision since April. And their estimates of US crude prices fell to 101.28 dollars.
waiting for meeting
The Organization of the Petroleum Exporting Countries and its allies, led by Russia, come together to form what is known as an alliance "OPEC+"on Wednesday, to report production levels for the month of September.
Two of the eight sources said in "OPEC+" They were included in a Archyde.com survey that a modest productivity increase for the month of September will be discussed at the August 3rd meeting.
The rest of the sources said the group was likely to keep production stable.
Oil prices were also affected by an increase in Libyan production, which recorded 1.2 million barrels per day, up from 800,000 barrels per day on July 22.
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and decline oil prices As investors prepare for a meetingOPECAnd its allies are producers raw On supplies, this week.
Brent crude contracts ended the trading session as low as $3.94, or 3.8 percent, to settle at $100.03 a barrel, after falling at the lowest level in the session to $99.09.
US West Texas Intermediate crude contracts closed down $4.73, or 4.8 percent, to $93.89 a barrel, after recording during the session a much lower level at $92.42.
“lack of momentum”
Factories across the United States, Europe and Asia found it difficult to gain traction in July, as warnings about global demand and strict restrictions linked to the COVID-19 pandemic slowed production in China, according to reports published Monday likely to increase fears of major economies sliding into recession.
Brent and US crude ended July with the second consecutive monthly loss for the first time since 2020, as rising inflation and rising interest rates exacerbated fears of a recession that eroded fuel demand.
Analysts in a Archyde.com poll cut their forecast for average Brent prices for 2022 to $105.75, the first downward revision since April. And their estimates of US crude prices fell to 101.28 dollars.
waiting for meeting
The Organization of the Petroleum Exporting Countries and its allies led by Russia, who together make up what is known as the “OPEC +” alliance, meet on Wednesday to decide production levels for the month of September.
Two of eight OPEC+ sources surveyed by Archyde.com said that a modest production increase for September would be discussed at the August 3 meeting.
The rest of the sources said the group was likely to keep production stable.
Oil prices were also affected by an increase in Libyan production, which recorded 1.2 million barrels per day, up from 800,000 barrels per day on July 22.