Global oil prices may decline for second week in row

Oil&Gas Materials 25 August 2023 10:10 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, August 25. According to trading information, global oil prices rose slightly on Friday morning. Nevertheless, at the end of the week quotations may show a decline for the second week in a row, Trend reports.

The price of October Brent crude futures was slightly up 0.36 percent at $83.66 per barrel, while October WTI futures were also slightly up 0.39 percent at $79.36.

Since the beginning of the current week, oil quotations have fallen by 1. 5 percent and 2. 4 percent for Brent and WTI, respectively, which may mark the second consecutive week of oil price decline. This could result in a cumulative price decline of 3. 7 percent and 4. 7 percent, respectively, over the period. This is a continuation after seven consecutive weeks during which oil prices rose.

One of the factors affecting the decline in oil prices is concerns about demand, caused by worries about the state of the economy in China, an important consumer and importer of oil.

Later on Friday, oilfield services company Baker Hughes is scheduled to release data on the number of active oil rigs in the United States for the week as of August 25. In the previous week, their number decreased by five, amounting to 520 units.