WTI Crude Oil: falls more than 6.5% to $90 per barrel in August, their third consecutive monthly drop after a 70% rally between December and May
As investors came to terms that a global economic slowdown will heavily impact energy demand, offseting tight supplies.
Major central banks around the world continue to aggressively tight monetary policy and fresh Covid outbreaks in major Chinese cities.
Shenzhen, Guangzhou, and Dalian placed millions under strict lockdowns.
compounding worries of weak economic activity in the world’s largest oil importer.
On the supply side, clashes in Iraq kept markets edge, but oil output in the OPEC member remains largely unaffected.
Investors now await OPEC nations to meet on September 5th to decide on production policy.fter the Saudi Energy Minister stated.
The cartel could cut production should Iran clinch a nuclear deal with the West and restore exports.