Oil becomes cheaper for the fourth day in a row – Kommersant
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WTI crude futures traded below $79 a barrel after falling 1.8% on Wednesday, August 23. The price has been declining for the fourth day in a row after the rise in price, which lasted from the end of June.
As noted Bloomberg, oil is getting cheaper amid a worsening economic situation in China and signs that US interest rates will remain high for a long period. This offset the reduction in supplies from Saudi Arabia and the Russian Federation. In addition, forecasts for oil exports have improved amid expectations of a possible lifting of sanctions against Venezuela and a sharp increase in exports from Iran.
Russia, as it became known to Kommersant, fulfilled the announced reduction in offshore oil exports in August, which is now estimated at 2.94 million barrels per day. Exports fell below this level only in December last year, when the EU and the G7 imposed a price ceiling on Russian oil.
Read more about the reduction in supplies from the Russian Federation – in the material “Kommersant” “Oil Swayed”.
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