The price of oil continues to fall on the world market, the price of a barrel of “Brent” oil has dropped to $78 for the first time since the beginning of June.
Publika.az I inform you that this is proven by trade data.
As of 19:35 Baku time, the October futures price of “Brent” oil decreased by 1.08% to $78.2 per barrel. Before that, this number fell to $78 for the first time since June 5. WTI September futures fell 1.25% to $74.86 a barrel.
Experts polled by Bloomberg noted that the price of a barrel of WTI crude oil fell below $75 and reached its lowest intraday price since June 6. Technical indicators, including the relative strength index, suggest that selling may be overdone after trend-following algos extended losses in recent sessions.
The outlook for crude oil demand remains uncertain as banks including Citigroup cut growth forecasts for Asia’s largest economy and US crude export prices to the region. China’s imports are also expected to decrease in the second half of the year.
Huseyn Ibadli
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