On August 3 (local time), according to TASS news agency, Brent oil for September delivery on the ICE exchange (London) fell below the threshold of 82 USD/barrel for the first time since July 13.
Trading data showed that at around 1:00 AM on August 3rd (Moscow time), Brent crude oil for September delivery fell 6.74%, to 82 USD/barrel.
This is the first time in nearly 3 weeks that the global benchmark oil price has fallen below the 82 USD/barrel mark, while erasing most of the increase recorded in the second half of July.
However, just about 10 minutes later, Brent oil prices recovered from a bottom of 82 USD to 82.89 USD/barrel. However, this price is still 5.73% lower than the previous session, showing that the decline has somewhat narrowed.
Brent is one of the most important crude oils in the world and is used as a reference price for most international oil trading contracts. Brent fluctuations often directly affect fuel prices, transportation costs, inflation as well as economic growth prospects of many countries.
Brent falling below 82 USD/barrel attracted the attention of investors because this is the lowest price since mid-July, when the market was affected by many factors related to energy supply and demand prospects.
In the coming time, the market will continue to monitor factors that may affect global oil supply and demand, including OPEC+'s production policy, consumption demand in major economies and geopolitical developments in key oil-producing regions.
According to experts, oil prices are likely to continue to fluctuate strongly in the short term as investors re-evaluate the prospects of the global energy market after a sharp decline in early August.
