Oil prices are at their lowest level in almost 3 months

Oil prices fell below $98 a barrel today amid fears of a tightening of the US monetary policy after inflation in June 2022 reached its highest level in 40 years in the US.

By 11:27 Moscow time, futures for US West Texas Intermediate oil fell 1.27% to $95.08 per barrel.

Meanwhile, Brent oil futures fell below $98 a barrel for the first time since April 11 last year in about 3 months, according to Prime agency.

Among the factors that contributed to lower prices, data showed that China’s daily oil imports fell to their lowest level since July 2018.

The US data also showed a 3.3 million barrel increase in US crude oil inventories for the week ended July 8, 2022.

Source: Prime + Bloomberg.

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