Oil prices are falling this morning after the fastest growth in two weeks on July 2.
The cost of September Brent futures on the London ICE Futures exchange as of 9:08 a.m. (GMT+4) fell by $0.55 (0.8%), to $68.56 per barrel.
Yesterday, these contracts rose by $2 (3%), to $69.11 per barrel. WTI oil futures for August on the electronic trading of the New York Mercantile Exchange (NYMEX) fell by this time by $0.52 (0.77%), to $66.93 per barrel. At the end of the previous session, the cost of these contracts increased by $2 (3.1%), to $67.45 per barrel.
Another positive factor for oil was the news of the conclusion of a trade agreement between the US and Vietnam, according to which the duty on imports of Vietnamese goods to the US will be 20%, and the tariff on imports of American products to Vietnam will be zero.
Meanwhile, oil market participants are waiting for the next OPEC+ meeting, which will take place next weekend. Eight countries (Saudi Arabia, Russia, Iraq, the UAE, Algeria, Kuwait, Kazakhstan and Oman) are ready to consider the possibility of another increase in production quotas in August by 411,000 barrels per day, as in the previous three months.
