The world oil prices fell by more than 7 percent in the first week of August. According to RIA Novosti with reference to trading data, it has become the strongest weekly decline since October 2020.
In particular, the price of October futures on the Brent oil fell by 0.8 percent and dropped to $ 70.7 per barrel. September WTI oil futures collapsed by 1.2 percent – up to 68.28 dollars per barrel.
The situation with oil prices influenced the pressure of the flashes of coronavirus in China, where quarantine measures were tightened in some provinces. The authorities of the country introduced restrictions on movement in individual cities. As investors are afraid, this may affect the demand in the country, which is the second largest consumer of fuel in the world.
In May, Russia overtook Mexico and became the second in the world among the largest exporters of oil and petroleum products in the United States.