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Oil becomes cheaper by more than 4%

Oil prices plummet on Thursday. Oil prices have been under pressure since mid-June amid growing risks of a recession in the global economy associated with the tightening of monetary policy by world central banks, writes Trading Economics.

Traders are also monitoring the situation around the Nord Stream gas pipeline. Gas pipeline operator Nord Stream AG said on Thursday that Russian gas supplies through it had resumed after technical work had been carried out since July 11.

The report of the US Department of Energy, published the day before, indicated an increase in gasoline stocks in the country last week by 3.5 million barrels, to 228.4 million barrels. Meanwhile, the average US gasoline consumption over the past four weeks showed that the rise in fuel prices has limited its consumption to the level of two years ago, Bloomberg notes.

The cost of September futures for Brent oil on the London ICE Futures exchange by 14:02 Moscow time on Thursday is $102.29 per barrel, which is $4.63 (4.33%) lower than the closing price of the previous session.

At the same time, at a certain moment of trading, the price of Brent fell by more than 5%, to $101.5 per barrel.

The price of futures for WTI oil for September in the electronic trading of the New York Mercantile Exchange (NYMEX) is $95.25 per barrel by this time, which is $4.63 (4.64%) lower than the final value of the previous session.


About author

Oxford graduate with honors. He worked in large financial projects for well-known Wall Street corporations. After he earned his first capital and a reputation as a successful trader, he opened his own company. At the moment, the growth of the company's capital is 20% per year.
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