Oil prices are declining on Monday due to the growing investors’ concern about a potential new crisis in the Chinese real estate sector. In addition, the strengthening of the US dollar reduces interest in commodity assets. As a result, the ICE dollar index showed an increase of 0.12% today. The current quotation of Brent crude oil is 85.91 per barrel. At the moment, the asset was declining to $85.64. September futures for American WTI crude oil on the New York Mercantile Exchange fell to $81.99 per barrel. On Friday, the price of this contract rose to $83.19 per barrel. Over the past week, Brent quotes increased by 0.7%, and WTI — by 0.5%. Both types of oil showed growth for the seventh week in a row – amid concerns about a possible shortage of raw materials on the world market. Optimistic sentiments about the US economy, which, according to experts, will avoid a recession even with the tightening of the Fed's monetary policy, have a positive effect on demand expectations. However, the decrease in oil exports from Saudi Arabia adds to concerns about a reduction in global supply. Vandana Hari, founder of Vanda Insights, commenting on the current situation, emphasizes: «Traders are too focused on economic news from the United States, while neglecting the difficult situation in Europe and China. It's time to pay attention to the real state of things again.»
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