Oil prices fall on demand concerns

MOSCOW, 7 Sep — PRIME. World oil prices accelerated the fall to 4.6% on investors’ fears about the decline in global demand, Brent is trading below $89 per barrel for the first time since February 3, according to trading data and expert comments.

As of 19.30 Moscow time, the price of November futures for Brent crude oil falls by 4.61%, to $88.55 per barrel, and October futures for WTI — by 5.04%, to $82.50.

World markets fear that a sharp increase in the key rate in a number of countries will lead to a global economic downturn and a decrease in demand for “black gold”. Thus, according to CME Group, 80% of analysts expect the US Federal Reserve to raise rates by 75 points in September. Investors are also in anticipation of the meeting of the European Central Bank, which is scheduled for Thursday.

“The market may be concerned that strong monetary tightening in the eurozone and the US could lead to a significant slowdown in economic growth, which in turn could lead to lower demand after the summer driving season,” a senior financial analyst at Conotoxia told MarketWatch. Ltd. Daniel Kostecki.