Its price dropped to a minimum in more than five months. oil – after several hesitation – on the eve of today’s meeting of OPEC and allies on the progress of world oil production in September.

According to Bloomberg, the price of US WTI crude rose less than 1%, falling on Monday by at least 5%, on fears that the global economic recession will reduce energy demand. Stocks tumbled again on Tuesday as worries about the possibility of a recession as well as tensions between the United States and China over Taiwan intensified, sending investors into safe havens. Today, OPEC and its allies will meet online to determine their oil production strategy in September. “The outlook for price movement looks more uncertain than at the beginning of this year,” Emma Richards, chief analyst at Fitch Solutions, said in an interview with Bloomberg TV. “Demand concerns make up this picture, and they could intensify later in the year.”

Significantly, according to a CNBC report, Brent oil futures lost 3.79%, or $3.94 a barrel, to $100.03 a barrel. In addition, US WTI futures closed at $93.89/bbl, down 4.8% or $4.73/bbl. Prices for Brent crude oil and US WTI oil fell for the second month in a row in July, as runaway inflation and rising interest rates raise the risk of a recession, reducing demand for energy and fuel.

In this context, polls published on Monday concluded that factories in Asia as well as in Europe showed a drop in production in July last year due to lower global demand on the one hand and the restrictions imposed by China to limit the spread of the coronavirus. with another.

A Reuters poll showed that 2 out of 8 OPEC sources agree that the August 3 meeting will discuss the possibility of a small increase in production. The rest believe that it can remain at the same level.