Oil prices fall on fears of slowdown in global economic growth

Global oil prices declined moderately on August 19 morning due to heightened macroeconomic concerns, Report informs referring to the auction data.

The price of October futures for Brent crude fell by 0.43% to $96.17 per barrel, September futures for WTI - by 0.42% to $90.12.

After the publication of the minutes of the meeting of the Federal Reserve System (FRS), fears of problems with economic growth in the US increased.

Thus, some of the participants in the meeting said that as the monetary policy continues to tighten, at some point it will be advisable to slow down the pace of the increase in the discount rate. But other participants believe that in order to fight inflation, it would somehow be more expedient to keep this rate at a high level.

There is an opinion that such a tightening of monetary policy may cause a slowdown in economic growth in the US, up to a recession. This will negatively affect macroeconomic indicators, including demand for raw materials, on a global scale.