As world oil prices continue to fall, the cost of a barrel of Brent fell to $78 for the first time since early June, as evidenced by trade data.
As of 18:35 Moscow time, Brent crude for October delivery fell 1.08% to $78.2 a barrel. Previously, the figure fell to $78 for the first time since June 5. September WTI futures fell 1.25% to $74.86 a barrel.
Experts surveyed by Bloomberg noted that WTI crude fell below $75 a barrel, hitting its lowest intraday price since June 6. Technical indicators, including the relative strength index, suggest the sell-off may be extreme after trend-following algorithms extended losses in recent sessions.
The outlook for crude demand remains uncertain as banks including Citigroup have cut their growth forecasts for Asia’s largest economy and export prices for U.S. crude heading to the region have weakened. China’s imports are also expected to ease in the second half of the year.
A raft of key market data is expected this week, including Wednesday’s U.S. oil inventory report that could gauge the strength of the U.S. summer season. The OPEC+ monitoring meeting is scheduled for Thursday. Market opinion is divided on whether the alliance will stick to its planned output increase next quarter.
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