Oil prices plunge as global demand stabilizes

World oil quotes are rapidly declining: on August 4, at 20.00 Moscow time, the October futures for Brent oil fell by 3.2% compared to the previous close to $93.6/bbl. for the first time since July 14. The cost of futures for the American grade WTI fell by 2.3% to $88.5/bbl.

The pressure on the oil market is exerted by investors’ fears that the growth of interest rates of central banks and the slowdown in the global economic recovery will have a significant negative impact on demand, writes the Trading Economics portal. The decline in prices was largely facilitated by the statement of the US Department of Energy on the increase in oil reserves last week by 4.47 million barrels. and the decision of the parties to the OPEC+ agreement on August 3 to increase the quota for oil production in September by an additional 100,000 barrels per day.