• Forex
  • Investments
  • Loyalty program
  • Promotions and contests
  • Analysis
  • Getting started
  • About us

Asian negativity pushes oil prices lower

On Monday, August 2, the oil market traded sharply lower for the first time since July 19.  Brent plunged 2.7% to $72.9/bbl, sliding $2/bbl on the day below $73/bbl, while WTI saw an even steeper decline, shedding 3.02% to $71.06/bbl.

The market was spooked by business restrictions imposed in Beijing yesterday for the first time since 2020. In addition, Indonesia announced nearly a 25% a reduction in gasoline imports over the past 10 days amid the spread of the Delta coronavirus variant across the country.

Oil prices continue to decline this morning and by the time of writing, Brent WAS down 0.58% and WTI was off 0.5%, trading below $71/bbl. Our Brent price forecast for today is in the range of $71.8-72.7/bbl.

Latest reviews

Everyone has the chance to make a profit

You don't need to trade on your own to make a profit. Make a profit by entrusting your funds to experienced traders!

Register

There's a better website for you

A new exciting website with services that better suit your location has recently launched!

Sign up here to collect your 30% Welcome Bonus.