Oil prices tumble after strong monthly gains

Global oil prices fell on August 1 morning after the strongest monthly increase since January 2022, as traders assess the situation around supplies in anticipation of signals from OPEC+, reported from the auction data.

The price of October futures for Brent crude fell by 0.23% to $85.23 per barrel, September futures for WTI decreased by 0.2% to $81.64.

In July, Brent crude rose by more than 14%, WTI grew by slightly less than 16%, which was the strongest increase since January 2022.

Prices continue to be driven by better terms of supply, Yeap Jun Rong, market strategist at IG Asia Pte, told Bloomberg when commenting on cuts in oil production.

Investors are now looking ahead to an OPEC+ monitoring committee meeting later in the week, which could give the markets more clues about the supply/demand situation in the oil market.





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