Crude oil: Crude oil prices at two-week low, OPEC meeting will be held today

Posted on 3rd Aug 2022 by rohit kumar

Crude oil prices continue to fall. On Tuesday, Brent crude fell 0.8 percent to a July 15 low of $99.26. Investors took caution due to the slowdown in manufacturing and dwindling fuel demand, which saw the price fall. Oil makers are going to consider increasing or not increasing supply this week. This week, the US crude benchmark also settled at $ 92.42, which fell to its lowest level since July 14.

 

In March, the price of crude oil was at $ 113, which is now trading around $ 100. Analysts said the fall in crude oil prices followed the factory activity data. At the same time, the world economy is also moving towards a slowdown. Its concern grew on Monday when surveys in the United States, Europe, and Asia showed factory activity remained low in July.

 

OPEC meeting on Wednesday

 

On Wednesday, a meeting of the Organization of the Oil Producing Countries (OPEC) and other countries with Russia is to be held. In this, a decision on the production of oil will be taken in September. Everyone's eyes are on this decision. It is expected that production may remain stable in September. However, Saudi Arabia can motivate to increase oil production.

 

slowly falling oil prices

 

Analysts said the uptrend in oil prices is gradually fading. It may further decline once the supply and demand conditions are clear. Meanwhile, the US imposed sanctions on China and some other companies. These companies helped sell Iranian oil and petrochemical products to East Asia.

 

Also Read: Industrial Output: Industrial production increased in the country, core sector output up 12.7% in June

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