Crude oil futures on the 25th of July fell for 4 business days in a row. It is feared that the expected rise in US interest rates will curb growth in fuel demand.
As of 0205 GMT (11:05 am Japan time), the September contract for North Sea Brent futures was down $ 0.48 (0.5%) to $ 102.72 a barrel. It has been falling for 4 days in a row.
The September contract for US WTI futures fell from $ 0.65 (0.7%) to $ 94.05, which also fell for the fourth consecutive day.
Kazuhiko Saito, the chief analyst at Fujitomi Co., Ltd., said the market tone would remain bearish, with concerns that rate hikes would reduce global fuel demand and the resumption of some Libyan crude oil production would ease global supply shortages. Said.
The Libyan state-owned oil company (NOC) announced on the 23rd that it aims to restore production to 1.2 million barrels a day in two weeks.
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