According to the information compiled from the industrial production and retail sales data showing the slowdown in economic activities in China, the decrease in fuel demand in China caused oil prices to fall by about 1.5% on the first working day of the week, falling below $70.

The barrel price of Brent oil is currently trading at $69.57, while the American West Texas oil (WTI) continues to trade at $67.35/barrel, down 1.6% compared to Friday.

Oil Prices Drop by 1.5% To Below $70 | Devamı>>>

The Brent oil price forecast by the EIA was increased by $6 to $72 per barrel in the second half of the year.

The US Department of Energy’s Energy Information Administration (EIA) increased its Brent oil price forecasts in its Short-Term Energy Outlook study published in July. While the price forecast for Brent oil for the second half of 2021 was announced as 72 dollars / barrel, the price forecast for 2022 was stated as 67 dollars / barrel.

‘EIA’ Upgrades Oil Price Forecasts | Devamı>>>