Brent oil prices drifted lower in Doha trading, with the North Sea Brent benchmark dipping below 72 dollars per barrel. The slide marked a softer stretch for commodity markets that has echoed similar levels seen in mid June. Data from the London ICE Futures Exchange confirmed the daytime shift as traders weighed a mix of supply signals and macroeconomic pressures.
By midday, Brent futures for August delivery were around 71.60 dollars per barrel. Prices nudged higher as the day progressed, and by 11:49 am Moscow time they had recovered to about 71.73 dollars. Meanwhile, West Texas Intermediate, the U.S. benchmark, slipped further on the New York Mercantile Exchange, dropping roughly 0.7 percent to roughly 67.25 dollars a barrel, signaling ongoing caution across major oil markets.
The move downward was tied to expectations that central banks could persist with aggressive rate increases. Traders feared that tighter monetary policy would curb inflation but also slow global growth, a double effect weighing on demand for crude. Currency authorities in several regions have signaled a readiness to tighten policy, aiming to cool inflation in North America, Europe, and beyond.
On June 27, OPEC Secretary General Haytham Al Ghais highlighted a forecast that global demand for raw materials could reach about 110 million barrels per day by 2045. He noted that the overall demand for energy carriers would rise by roughly a quarter over the same period, underscoring a long term, structural trend in energy markets that could influence prices and investment decisions in the years ahead.
Industry observers also weighed in on Russia’s oil reserves and potential trajectories. In discussions with analysts, former Deputy Prime Minister Alexander Novak offered perspectives on how long Russia’s oil reserves may last under different market and policy scenarios, emphasizing the dynamic between supply constraints, policy posture, and global demand patterns.