After starting the week on the upside, Oil prices fall for the second day in a row.
For this Wednesday, August 31, Crude oil futures extend their decline As the Investor concern regarding the poor state of the global economy is on the rise.
Other key factors in the price decline are fear of lower oil demand by the Organization of Petroleum Exporting Countries (OPEC) and the increased restrictions in China due to a new wave of Covid-19.
Currently, China is decreasing its crude production due to other factors that weighed on it, among them, the new covid-19 restrictions, severe heat waves and a siege on the real estate sector, suggesting that the second largest economy in the world is experiencing weak growth.
“The latest signs of faltering growth are the Chinese factory activity contraction in August and slower-than-expected expansion of the country’s services sector”expressed analysts, according to information collected by Television newscasts.
Brent and Texas oil prices today, August 31: How much does it cost and how much is it quoted?
According to the most recent update of Oil Price Chartsfamous website with more than 150 oil indices and mixtures worldwide, for this Wednesday, August 31, a barrel of crude Brent is trading at $96.64while the US equivalent, West Texas Intermediate (WTI) is at $90.44.
their prices, compared to the previous day, At approximately the same time (14:00 ET), they were $100.12 dollars for Brent and $92.63 dollars for WTI, which means that prices fell regarding three percent.