The price of oil fell in early July, after a 47% rise in the first half of 2022

After making 47% gains during the first half of 2022, oil prices fell today, Friday, amid persistent fears of stagnant demand that cast a shadow on sentiment and put the benchmark crude on the road to run. for the third consecutive weekly loss.

At 04:28 GMT, i future Brent crude oil fell 20 cents, or 0.2%, to $ 108.83 a barrel, forgoing gains of over a dollar at the start of the session.

THE future West Texas Intermediate crude for August delivery fell 37 cents, or 0.4%, to $ 105.39 a barrel, forgoing earlier gains during the session of nearly $ 1.

The two crude oils fell by around 3% yesterday and Thursday.

The OPEC + alliance, which includes the Organization of Petroleum Exporting Countries (OPEC) and independent producers, including Russia, agreed to join the applicable production policy after two days of meetings, but the alliance avoided discussing production policy from September in then.

OPEC + had decided to increase production per month by 648,000 barrels per day in July and August, in increase from a previous plan to increase production by 432,000 barrels per day on a monthly basis.

The visit of US President Joe Biden in Middle East in mid-July includes a visit in Saudi Arabia, putting in Energy policy highlights as the US and other countries grapple with rising fuel prices that drives up inflation.

A Reuters poll on Thursday revealed that oil prices are expected to remain above $ 100 a barrel questyear as Europe and other regions seek to move away from Russian oil and gas supplies, although economic concerns may slow the rise in prices.

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