London, Monday, 1 August, 2022
On Monday, the price of oil continued to decline. WTI crude futures fell by about 6% to under $93 per barrel, approaching depths not seen since March.
Factory activity in China and Europe was worse than expected, as Covid-19 flare-ups and a dimming global outlook weighed on demand.
Traders are now anticipating the outcome of the OPEC+ meeting, where the oil cartel is anticipated to stick to its policy of moderate production increases amid capacity restrictions and underinvestment in oil fields, maintaining the global supply tight.
The price of oil fell by about 7% in July, the first consecutive monthly decline since late 2020.
(Source: Trading Economics // Edit by: The Decision Maker - Finance editors)