Oil price drop in world markets

The price of oil in the world market has fallen. Investors are evaluating the prospects of restoring gas supply to Europe through the southern line of the Druzhba pipeline network.

Referring to stock exchanges, the October futures of Brent crude oil decreased by 0.75% to $95.59 a barrel. The September futures of WTI crude dropped 0.93% to $89.66.

Yesterday, Ukraine’s Uktransnafta and Russia’s Transneft announced the suspension of the transportation of Russian oil to Hungary, the Czech Republic, and Slovakia. The suspension of the oil transfer was reportedly caused by the inability of the Russian side to make the transit payment due to the EU sanctions.
In addition, stock markets react to the statistics of the American Petroleum Institute (API) on oil reserves in the United States. So, according to the API, during the week until August 5, the inventory level of US crude oil increased by 2.15 million barrels. Analysts had expected the inventories to rise by 0.7 million barrels.






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