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According to the agency "Archyde.com"has retreated Brent crude In futures contracts, at 63 cents, or 0.6 percent, per barrel at twelve GMT.
Meanwhile, it fell West Texas Crude From $103.34 a barrel to $97.87, or 75 cents.
Oil had fallen even more, when trading began in Asia, where the price reached $97.55 a barrel.
This decline comes as it was oil price It rose by two dollars last Friday, benefiting from reports of declining US inventories, and European concerns over Russian supply cuts.
At the end of last month, Brent and WTI recorded last July, the second month of losses in a row, for the first time since 2020.
The price of oil fell, amid fears that inflation and high interest rates would cause an economic recession, which means a decline in demand for oil. "black gold".
Oil prices rose remarkably following the start of Russian military operations last February, which led to an unprecedented exacerbation of inflation in many countries of the world.
limited production
A report revealed that a group "OPEC+" In June, it produced an amount of crude less than three million barrels per day than its expected quotas, as sanctions imposed on some members and reduced investment in others undermined its ability to calm the energy crisis around the world.
This development represents another setback for the US administration led by Joe Biden, which had hoped that OPEC would be able to increase production to offset Russian supply disruptions and slow the rise in fuel costs and inflation in its broader measures, according to Archyde.com.
The Russian Interfax news agency quoted a source familiar with the data as saying that the rate of production shortfall in "OPEC+" It jumped to 320 percent in June from 256 percent in May and 220 percent in April.
She also said that the shortfall in group production "OPEC+" From planned levels, it reached 2.84 million barrels per day last month.
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According to Archyde.com, it declined Brent crude In futures contracts, at 63 cents, or 0.6 percent, per barrel at twelve GMT.
Meanwhile, it fell West Texas Crude From $103.34 a barrel to $97.87, or 75 cents.
Oil had fallen even more, when trading began in Asia, where the price reached $97.55 a barrel.
This decline comes as it was oil price It rose by two dollars last Friday, benefiting from reports of declining US inventories, and European concerns over Russian supply cuts.
At the end of last month, Brent and WTI recorded last July, the second month of losses in a row, for the first time since 2020.
The price of oil fell, amid fears that inflation and high interest rates would cause an economic recession, which means a decline in demand for “black gold”.
Oil prices rose remarkably following the start of Russian military operations last February, which led to an unprecedented exacerbation of inflation in many countries of the world.
limited production
A report revealed that the “OPEC +” group produced in June a quantity of crude less than three million barrels per day than its expected quotas, as sanctions imposed on some members and a reduction in the volume of investment in others undermined its ability to calm the energy crisis around the world.
This development represents another setback for the US administration led by Joe Biden, which had hoped that OPEC would be able to increase production to offset Russian supply disruptions and slow the rise in fuel costs and inflation in its broader measures, according to Archyde.com.
The Russian Interfax news agency quoted a source familiar with the data as saying that the rate of production shortfall in “OPEC +” jumped to 320 percent in June, from 256 percent in May and 220 percent in April.
She also said that the shortfall in the production of the “OPEC +” group from the planned levels amounted to 2.84 million barrels per day last month.
