Sergey Kondratiev gave a comment to RT on the current dynamics of oil prices.
Sergey Kondratiev, a senior expert at the Institute for Energy and Finance, commented in an interview with RT on the data, according to which the cost of Brent oil fell by almost 5%.
According to the specialist, one of the key factors that remains in force now is the expectation that the second half of the year for both the European and American economies will be much more difficult than the past first six months.
The expert added that if we talk about sharp price fluctuations, then the general state of the market plays a big role.
“And the second is that central banks – both the ECB and the Fed – are forced to fight inflation more actively, respectively, raise rates, reduce the liquidity available on the market, which leads to speculators leaving the commodity markets. And this, together with the expectation of weaker demand, and in recent days, several research agencies at once have announced expectations of lower oil consumption in the world this and next year - together these factors influence the fact that oil prices are falling,” Kondratiev emphasized.
Earlier it was reported that world oil prices are falling during trading on Monday, August 15.
“With a high probability, we will see a certain rebound upwards, this situation characterizes general nervousness, so we see high volatility,” the RT interlocutor concluded.
The cost of a futures contract for Brent crude oil for delivery in October 2022 fell by 4.94% during trading to $93.30.
September futures for WTI crude fell 4.89% to $87.59 per barrel.
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