Brent crude oil prices have dipped to $84.74 per barrel, according to Report, which cites Interfax.
According to data from the London-based ICE Futures exchange, September futures for Brent crude experienced a decline of $0.37 (0.43%), settling at $84.74 per barrel. This follows a modest increase of $0.03 (0.4%) to $85.11 per barrel on Thursday, highlighting the volatile nature of oil markets.
Similarly, WTI futures for August delivery on the New York Mercantile Exchange (NYMEX) saw a decrease of $0.46 (0.56%), reaching $82.36 per barrel. The previous session had witnessed a slight dip of $0.03 (0.4%), closing at $82.82 per barrel.
The oil market is facing downward pressure due to concerns about reduced demand in China, the world's largest oil importer, as its economic growth shows signs of weakening. The recent conclusion of the Third Plenum of the Chinese Communist Party's Central Committee did not provide any clear signals that Chinese authorities plan to take significant steps to stimulate consumer demand or address the ongoing real estate market crisis.
n early June 2024, eight volunteer countries from OPEC+ agreed to gradually, on a monthly basis, roll back the production restriction of 2.2 million barrels per day starting from October 2024. They have indicated their readiness to pause production increases or even reduce production again depending on market conditions.
The Joint Ministerial Monitoring Committee (JMMC), co-chaired by representatives from Russia and Saudi Arabia, meets every two months to assess the market situation. The next meeting is scheduled for August 1.