Oil prices fall on forecasts of market surplus by year-end

World oil prices fell slightly on August 5 on forecasts of a surplus on the market by the end of the year, Report informs via trading data.

The price of October futures for Brent crude fell by 0.16%, to $68.65 per barrel, and September futures for WTI by 0.17%, to $66.18.

The fundamental outlook for the oil market is bearish: an increase in supplies from OPEC+ should ensure a surplus on the market from the fourth quarter, Bloomberg notes.