BAKU, Azerbaijan, August 18. Global oil markets are witnessing price fluctuations on Friday morning, influenced by multidirectional factors, which may lead to a decline in oil rates on a weekly horizon after seven consecutive weeks of growth, Trend reports.
The price of October Brent crude futures was slightly down 0.05 percent at $84.08 per barrel, while September WTI futures were slightly up 0.14 percent at $80.5.
For the current week, oil prices could give up about 3 percent after showing seven weeks of steady gains. During this period, the cost of oil rose by approximately 17.5 percent, and 20 percent - for Brent and WTI, respectively.
Weak industrial statistics from China, one of the largest consumers and importers of oil, published this week, raised concerns about oil demand forecasts.
Also market sentiment was influenced by expectations of new rate increases by the U.S. Federal Reserve. According to the regulator's protocol published on Wednesday, participants of the July meeting expressed concerns about the inflation rate and did not rule out further tightening of monetary policy. Interest rate increase usually supports the dollar exchange rate, making commodities less available for purchase in other currencies.