Brent oil drops below $80 per barrel Concerns at request of yolowire.com

yolowire.com – Brent crude, the international benchmark, fell below US$80 a barrel and to its lowest level in seven weeks on rising demand concerns.

it is currently trading at $79.30 a barrel after falling about 1% in the past 24 hours. It is the first time since early June that Brent crude oil prices have been below $80

and oil, the US benchmark, fell and is now trading at $75.22 a barrel.

The drop in prices comes as doubts grow about the strength of global demand, particularly in China, which is the world’s largest importer of oil and energy products.

Sentiment turned particularly sour after China reported its weakest economic growth in five quarters, prompting commodity traders to abandon bullish positions in crude oil.

The negative demand outlook persists despite escalating violence and political tensions in the Middle East, where a rocket strike over the weekend killed 12 children in Israel.

Analysts and traders are now turning their attention to an upcoming meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

Plans to restore oil production in the fourth quarter of this year could be announced at a meeting scheduled for August 1. The market is divided on whether OPEC+ will increase its scheduled output.

It also expects the US Federal Reserve to start cutting interest rates in September this year, a move that could help boost crude oil prices.

At the moment, however, demand concerns, particularly in China, are overriding all other considerations and pushing crude prices lower, analysts say.

This content was originally published on yolowire.com