Oil prices fall over $1 on Monday

19/06/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices fell over $1 today, June 19, as investors are waiting for more details on how China aims to support its economy over the second half of the year.

 

Brent crude for August delivery shed 1.42%, or $1.09, to $75.52 a barrel at 09:04 am Makkah Time.

 

WTI for July delivery also dropped 1.45% to $70.74 a barrel, after a gain of over 2% last week.

 

Crude-trading volumes, especially for WTI, may be lower than usual on Monday as the US marks the Juneteenth holiday.

 

Goldman Sachs Group became the latest bank to cut forecasts for China’s economy, citing limited options to increase stimulus, according to a recent report on June 18.

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