Crude oil prices in July and early August continued in a downward trajectory – with both the Brent and WTI benchmarks falling below a key psychological support level at 50 US dollars (US$) per barrel (b).
Sentiment remained on the bearish side both fundamentally and across non-commodity bourses throughout July and early August as concerns over the health of the global economy and the crude oil over-supply situation continued to weigh on market prices.
The Greek debt crisis, the Chinese stock market crash and Iranian P5+1 nuclear deal were all seen to place downward pressure on oil prices. This issue of market update highlights how China’s market crash as well as Iran and US oil production influence the market price of oil. This issue also provides a glimpse of gas price outlook from US, UK and Japan.
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