Prices on the world oil market continue to decline after a sharp drop the day before. In one day of yesterday's trading, a barrel of oil fell by $5, and in a week – by almost $9. This decline is caused by a decrease in gasoline demand in the United States and more gloomy economic forecasts. The current quote of Brent oil is $85.44, at the moment it was falling to $84.06 per barrel. North American WTI crude oil fell during the day to the level of $82.36 per barrel. The current price of WTI is $83.69. Even statements by Russia and Saudi Arabia about their intention to continue reducing oil production and exports by the end of the year, as well as the absence of changes in production forecasts from OPEC+, could not stop the fall in prices. The market was disappointed by demand in the US and less optimistic economic forecasts. According to the US Energy Information Administration (EIA), the supply of motor gasoline, which is an indicator of demand, fell last week to about 8 million barrels per day, which was the lowest level since the beginning of the year. Perhaps the decline in gasoline demand was caused by heavy rains and flooding in New York, as well as tropical storm Ophelia, which passed through the northeast of the country. According to JP Morgan, seasonal gasoline consumption in the US is at its lowest level in the last 22 years. Meanwhile, refinery margins have dropped to less than $20 per barrel, indicating that high prices and interest rates are reducing crude oil purchases and increasing the likelihood of a recession.
