Oil prices ended August with a decline and continue to fall

Oil prices ended August in the red zone and continue to decline on the first day of September.

According to the results of the past month, Brent oil fell by 12.3%, WTI – by 9.2%. Moreover, both benchmarks showed negative dynamics for three consecutive months, which is the longest period of decline since the first half of 2020. 

The current Brent quote is $93.30 per barrel (last week's maximum is $103). North American WTI oil is trading at $87.40 per barrel (last week's maximum was $97). 

Analysts note that the pressure on the oil market is exerted by fears of a downturn in the global economy against the background of tightening monetary policy by the world's largest central banks. Additional negativity comes from China, where strict coronavirus restrictions have been introduced. 

OPEC representatives also express concerns about the prospects for demand, and the organization periodically raises the issue of reducing quotas.