Oil began to depreciate in the market after weeks of growth. Today, one of the key factors influencing the market is China.
How much does a barrel of oil cost?
On Tuesday, July 16, Brent crude lost 67 cents or 0.8% since the beginning of the trading session. Crude oil is trading at $84.18 per barrel. At the same time, West Texas Intermediate crude fell by 72 cents or 0.9%. American raw materials are traded at the level of 81.19 dollars per barrel, Reuters writes.
According to Bloomberg data, current oil prices stopped at the following levels:
Brent oil futures cost $84.25 per barrel (-0.71%)
WTI contracts are trading at a price of $81.29 per barrel (-0.76%).
What factors influence the oil market
Oil started to fall again amid fears of a slowdown in China’s economy, which could lead to lower demand in the market. The fact is that China is the largest importer of oil in the world.
Prices fell despite a growing consensus that the US Federal Reserve could start cutting its key interest rate as early as September.
