Oil declines after recording the biggest monthly gain since early 2022

02/08/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices fell today, August 1, after recording the biggest monthly gain since early 2022, with the US crude oil trading below $82 a barrel.

 

Brent crude for October delivery declined 0.3%, or $0.30, to $85.17 a barrel at 8:09 am Makkah time.

 

WTI contracts for September delivery also dropped 0.24%, or $0.20, to $81.6 a barrel.

 

OPEC+ Joint Ministerial Monitoring Committee is scheduled to hold an online meeting on August 4 to assess the impact of production cuts.

 

The American Petroleum Institute will issue today's evening its estimates of US inventories, which are expected to decline in the past week, and the official data will be issued tomorrow.

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