Oil falls more than 1%, Brent at $97

Oil drilling rigs

Oil prices continued on a downward trajectory today, Aug. 15, amid demand concerns in China and the possibility of an increase in Iranian supply.

International benchmark Brent crude was down 1.11% to $97.06 per barrel, at 9:01 am Makkah time.

West Texas Intermediate (WTI) fell 1.15% to $91.03 a barrel.

China unexpectedly lowered the key interest rate in order to boost support for the economy, affected by the real estate sector and COVID-19-related shutdowns.

Chinese data released today showed industrial output rose 3.8% in July on an annual basis, after rising 3.9% in June, and below expectations of 4.3%. Retail sales grew by 2.7%, much less than estimates of a 5% rise.

Oil prices have fallen in the past two months amid concerns about slowing economic growth, giving up some gains made after the Russian invasion of Ukraine. The prices are still high by about 20% this year.