Oil prices fall about 1% on news of a weaker demand outlook.
International benchmarks for crude oil concluded the session on Monday, 7 August 2023 on a faltering note after six straight weekly gains, reacting to a possible slip in demand from China and the US.
International benchmarks for crude oil concluded the session on Monday, 7 August 2023 on a faltering note after six straight weekly gains, reacting to a possible slip in demand from China and the US.
The customary peak driving season in the US is gradually losing traction while Fed Governor Michelle Bowman alluded to the possibility of extended interest hikes, further depreciating oil prices. Meanwhile, in China, weaker-than-expected tourism will likely hamper proceedings as well.
Brent crude slipped 90 cents or 1.04% lower at $85.34/barrel.
US West Texas Intermediate went down 88 cents or 1.06% at $81.94/barrel.