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2024-07-21 10:20:02
Oil prices continued to fall during the day on Friday.
As reported by Day.Az with reference to Interfax, September futures on Brent fell on the London ICE Futures exchange by $0.3 (0.35%), to $84.81 per barrel. August futures on WTI by this time fell on the NYMEX exchange by $0.38 (0.46%), to $82.44 per barrel.
The strengthening of the dollar is putting pressure on oil prices, which is reducing the attractiveness of raw materials for holders of other currencies. The dollar has been strengthening against a basket of major world currencies for the second day in a row.
In addition, investors are concerned about the lack of significant economic stimulus measures in China, the world’s largest oil consumer.
China’s economy grew 4.7% year-on-year in the second quarter, weaker than forecast and worse than in the first quarter.
Meanwhile, OPEC+ may begin to roll back some of its oil production curbs in the fourth quarter. Alliance representatives do not expect the ministerial monitoring committee to propose any changes to the action plan at its next meeting. Its next meeting is scheduled for August 1.
“We believe that in the third quarter the market will narrow due to OPEC production restrictions and seasonal demand growth, and in the fourth we expect a weakening due to increased supplies from OPEC+ and the US,” BNP Paribas analysts noted.
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