World oil prices fell by more than 5% in the morning of July 17. This is evidenced by the auction data.
The indicator began to decline from the middle of the previous day: at the high of September, Brent oil futures were trading at a maximum level of $75.37 per barrel, but at 21 o'clock Moscow time fell to $71.53. The fall to the closing of trading was 5%.
The decline in value on the exchange affected the North American WTI: its August futures fell by 4.42% compared to the previous day, to $68.02 per barrel.
"This is very similar to the ongoing reaction to the potential increase in supply in the market," said the head of the international raw materials strategy at the canadian investment Bank TD Securities Bart Malek. "The combination of the side effect of increasing supply and the potential decline in demand as a result of the trade problems that we are fixing is prompting people to take some long-term oil rates right now."
The US government is considering the possibility of using its strategic oil reserve, if the expected increase in oil production in the world will not lead to lower prices, according to RBC.