Oil Falls for Second Week as Iran Speculation Sways Quiet Market
The price of oil dropped for the second consecutive week due to indications of more oil being available and a worsening forecast for global demand, which affected a series of low-volume trading days.
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The story of limited resources that has propelled the increase in crude oil prices since June has lost its strength due to the expectation that the United States will lift sanctions on Iran and Venezuela. At the same time, China's struggling economic growth and poor economic data in Europe have worsened the prospects for oil demand. In terms of actual transactions, Marathon Petroleum Corp. is closing down the third-largest oil refinery in the United States as a result of a fire.
Crude oil has experienced a tumultuous week, with prices frequently uncertain due to limited trading activity during the summer. The number of active contracts for oil is currently close to the lowest point observed in January, while the US Oil Fund ETF saw its largest withdrawal in a single day since 2020 on Wednesday.
The futures for West Texas Intermediate closed under $80 per barrel, solidifying a 1.7% drop for the week.
Prices rebounded slightly on Friday after a decline earlier in the week. This was due to Federal Reserve Chair Jerome Powell delivering a speech that aligned with what traders were anticipating regarding interest rates. China also announced additional measures to relax its mortgage policies in order to address the decline in its struggling real estate market.
Crude oil is currently being traded at approximately the same value it had at the beginning of the year, even though OPEC+ leaders Saudi Arabia and Russia have been attempting to increase prices by reducing the amount of oil supplied. Additionally, there is a prevailing belief that the Federal Reserve has not yet finished its efforts to control the country's monetary policies, which is further contributing to obstacles in the market.
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