Oil prices suffer their longest decline since 2021 – seven days in a row

Global oil prices decline for the seventh day in a row and reach their longest decline since 2021. About writes Bloomberg.

The price of Brent dropped to $66 per barrel, and West Texas Intermediate (WTI) fell below $64.

The reason for this is that traders believe that the US efforts to end the war in Ukraine will not significantly affect oil supplies.

on August 8, the United States established duties on all Indian goods up to 50% in response to the purchase of Russian oil. This forced Indian state-owned oil refiners to cancel some contracts and look for alternative suppliers.

U.S. Secretary of the Treasury Scott Bessent also said that Washington could impose duties against China as well if it continues to buy energy from Russia.

The August drop in oil prices came after three months of growth. Investors fear a possible oversupply at the end of the year as OPEC+ eased production restrictions.

Additional pressure on the market is exerted by signs of a slowdown in the US economy due to the expansion of trade tariffs.

• On July 9, the US President said that Putin has 10 days instead of 50 to end the war against Ukraine. At the same time, he believes that the settlement of the war in Ukraine will take a long time.
• On July 31, US diplomat Kelly said that the agreement between Russia and Ukraine should be achieved by August 8, otherwise, the United States will be ready to take additional measures to ensure peace.
• On August 5, the Financial Times reported that Trump was preparing for the first time in his presidency impose sanctions against the "shadow fleet" Russia. The final decision will be made after the talks with Mr. Vitkoff.