Brent crude futures for September settlement fell 48 cents, or 0.5%, to $102.72 a barrel at 02:05 GMT, down for a fourth day.
U.S. West Texas Intermediate (WTI) crude futures for September delivery fell 65 cents, or 0.7%, to $94.05 a barrel, also down for a fourth day.
“The market tone is likely to remain bearish amid fears that interest rate hikes will reduce global fuel demand and the resumption of some Libyan crude oil production will reduce the tightening of the oil market. ‘global supply,’ said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.
Oil futures have been volatile in recent weeks as traders try to balance the possibilities of further interest rate hikes that could limit economic activity, and therefore reduce fuel demand growth, with a tight supply due to disruptions in Russian barrel trade due to Western sanctions. in the midst of the Ukrainian conflict.
US Federal Reserve officials said the central bank is likely to raise rates by 75 basis points at its July 26-27 meeting.
On the supply side, Libya’s National Oil Corporation (NOC) aims to bring production back to 1.2 million barrels per day (bpd) within two weeks, the NOC said in a statement early Saturday.
The European Union said last week it would allow Russian state-owned companies to ship oil to third countries as part of an adjustment to sanctions agreed by member states last week aimed at limiting security risks global energy.
However, Russian Central Bank Governor Elvira Nabiullina said Friday that Russia will not supply oil to countries that decide to impose a price cap on its oil.
Brent crude futures for September settlement fell 48 cents, or 0.5%, to $102.72 a barrel at 02:05 GMT, down for a fourth day.
U.S. West Texas Intermediate (WTI) crude futures for September delivery fell 65 cents, or 0.7%, to $94.05 a barrel, also down for a fourth day.
“The market tone is likely to remain bearish amid fears that interest rate hikes will reduce global fuel demand and the resumption of some Libyan crude oil production will reduce the tightening of the oil market. ‘global supply,’ said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.
Oil futures have been volatile in recent weeks as traders try to balance the possibilities of further interest rate hikes that could limit economic activity, and therefore reduce fuel demand growth, with a tight supply due to disruptions in Russian barrel trade due to Western sanctions. in the midst of the Ukrainian conflict.
US Federal Reserve officials said the central bank is likely to raise rates by 75 basis points at its July 26-27 meeting.
On the supply side, Libya’s National Oil Corporation (NOC) aims to bring production back to 1.2 million barrels per day (bpd) within two weeks, the NOC said in a statement early Saturday.
The European Union said last week it would allow Russian state-owned companies to ship oil to third countries as part of an adjustment to sanctions agreed by member states last week aimed at limiting security risks global energy.
However, Russian Central Bank Governor Elvira Nabiullina said Friday that Russia will not supply oil to countries that decide to impose a price cap on its oil.
