Brent crude oil fell below the level of $99 per barrel

Oil prices continue to decline amid concerns about the prospects of slowing economic growth and the negative impact on fuel demand. 

The current Brent quote is $99.44 per barrel. Yesterday, the asset showed a decline to $98.50. The cost of North American WTI oil is also declining: the current price is $93.50 per barrel (yesterday's low was marked at $92.60).

Additional pressure on the oil market was exerted by statistics from China and the United States on industrial activity. The index of industrial sector activity in China in July unexpectedly fell below 50 points – the mark separating growth from decline. In the US, the July indicator of business activity in the manufacturing sector, although it remained above 50 points, was at the lowest level since the last two years – 52.8 points.

Another event that may have an impact on the dynamics of oil prices is the next meeting of OPEC+ ministers, which will be held tomorrow. Market participants expect the alliance to confirm the level of increase in oil production in September, despite US calls to increase production more actively.