Oil ended the last week of August with a significant decline in the market. Benchmark oil brands showed negative dynamics on Friday, August 30. In particular, commodity prices declined as investors weighed expectations of an increase in OPEC+ supply starting in October. In addition, the market is influenced by hopes for a significant reduction in the US interest rate, which is forecast for September after data showing high consumer spending, according to Reuters, UNN reports.
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On Friday, Brent crude oil fell by $1.14, or 1.43%. The oil brand ended the trading session at $78.80 per barrel. We are talking about October futures. Overall, Brent crude fell by 0.3% over the week and by 2.4% in August.
Contracts for US West Texas Intermediate crude oil fell by 2.36 or 3.11% to $73.55 per barrel. Over the past week, crude oil fell by 1.7%, and over the past month - by 3.6%.
According to Bloomberg, current oil prices have stalled at these levels:
- Brent crude oil futures are at $76.93 per barrel;
- WTI contracts are trading at $73.55 per barrel.