"Black gold" is getting cheaper again

11:13 25 July Kyiv, Ukraine

World prices for oil of reference grades are falling on the fears of market participants regarding the prospects for economic growth and demand for energy resources.
This is evidenced by trading data on the morning of Monday, July 25.

Thus, as of 09:20 Kyiv time, September futures for Brent on the London ICE Futures exchange fell by $1.49 (1.51%) to $96.89 per barrel.

The cost of WTI futures for August at the electronic session on the New York Mercantile Exchange (NYMEX) fell by $1.53 (1.62%) to $93.17 per barrel.

Now the spread between the current contracts for Brent and WTI is $3.72 in favor of Brent.
The Federal Reserve is expected to approve another significant rate hike this week as the US central bank battles skyrocketing inflation, increasing pressure on demand.
"Although prices have been volatile, I expect oil pressure to ease off again. And the Fed meeting is likely to serve as another reminder of economic hardship," said Vandana Hari, founder of Vanda Insights.