The price of October futures for Brent crude fell by 0.72% to $94.42 per barrel, September futures for WTI dropped by 0.46% to $89.
One of the factors influencing the increase in supply is the possible approach of Iran to the resumption of the nuclear deal, which is likely to lead to an increase in the supply of oil.
Investors are also reacting to the forecast of the US Department of Energy that oil production in the main oil and gas producing regions of the country in September will rise compared to the current month by 141,000 barrels per day, or 1.6%, to 9.049 million barrels.
At the same time, weak statistics from China, one of the largest importers and consumers of oil, have an impact on demand.
Industrial production in China in July showed an increase of 3.8% in annual terms, although analysts had expected an increase of 4.6%.
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