Brent Crude Oil Price Falls Below $79 Per Barrel

• 3.06.2024, 18:08

For the first time since February 7.

The price of August Brent crude futures on the London ICE Futures exchange fell by 2.91%, to $78.75 per barrel, according to trading data as of 17:05 Minsk time. Brent is trading below $79 per barrel for the first time since February 7, 2024.

WTI crude oil contracts for July delivery on the New York Mercantile Exchange fell by 3.27%, to $74.47 per barrel.

The oil market remains under pressure from ongoing concerns that persistent inflation could prolong the period of elevated interest rates in the world and limit demand for fuel, Reuters writes. High interest rates increase the cost of borrowing, which could slow economic activity and reduce demand for oil.

Oil prices are also falling amid the decisions taken by OPEC+ at the meeting on June 2.