The global oil market has fallen amid worsening Sino-U.S trade relations since late July. Thus, as of August 7, WTI crude futures cost $51.09 per barrel, Brent – $56.23 per barrel. Compared to July 31, prices fell by 12.8% and 13.6%, respectively.
The last time such figures were reached on January 8, 2019, when WTI cost $49.78 per barrel. Brent amounted to $55.95 per barrel on January 3, 2019.
On July 6, the US Department of Energy published a short-term forecast. According to the document, the price of Brent oil is expected to reach $64 per barrel in the second half of 2019, and in 2020 – $65 per barrel. It was previously forecasted that in 2019-2020, Brent will cost $67 per barrel.
Oil quotes tended to increase during the trading hours on August 8-9. The price of WTI jumped by $2.02 per barrel, up to $53.11 per barrel, while Brent – by $1.97 per barrel, to $58.2 per barrel.
The market was supported by news that Saudi Arabia representatives began negotiations with the OPEC on a possible reaction to the recent drop in fuel prices.