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Last week oil quotes experienced strong pressure that resulted in a persistent negative trend.

On Monday the main factor that influenced the situation on the oil market was the statistics from China. The world's second largest economy showed a slowdown in all key sectors. Industrial production growth fell from 8.3% in June to 6.4% in July, falling 1.4 percentage points short of expectations. In addition, an additional source of pessimistic sentiment in the market was the plans of the US Federal System to completely curtail the purchase of assets by mid-2022. As a result of all this, oil prices lost almost 3%.

On Tuesday evening the oil market moved to a slight increase after the release of the data on the growth of industrial production in the United States. Thus, the volume of industrial production in the United States in July increased by 0.9% against the previous month, while the forecast for growth by 0.5%. The price of October futures for Brent crude oil rose by 0.39%, to 69.78 dollars per barrel; October futures for WTI - by 0.13%, to $ 67.14 per barrel, September futures - by 0.16%, to $ 67.4.

However, the very next day the cost of American WTI crude oil dropped below $ 65 per barrel, which was the lowest level since May 24. The drop in quotations accelerated towards the evening on Wednesday after the release of the statistics on stocks of oil and oil products in the United States. Oil reserves over the past week decreased by 3.2 million barrels more than the forecast, to 435.5 million barrels against the forecast of a decline of 1.1 million barrels. Distillate stocks also decreased - by 2.7 million against the forecast of growth by 0.28 million barrels. At the same time, gasoline stocks unexpectedly increased - by 0.7 million barrels, to 228.2 million. A decline of 1.7 million barrels was expected. As a result, the price of October futures for North Sea Brent crude fell 1.9% to $ 67.72 per barrel; October futures for American WTI fell 2.49% to $ 64.69 per barrel, September futures - by 2.36% to $ 65.04.

On Thursday the rate of decline accelerated and reached 3.5% by evening. The main reasons were growing concerns about the demand for raw materials amid the spread of the coronavirus, which was exacerbated by a sell-off in global markets. The price of Brent crude oil fell below $ 66 per barrel - for the first time since May 21. Negative investor sentiment worsened after the publication of the minutes of July meeting of the US Federal Reserve System where the regulator admitted that the rate of redemption of assets from the market could be slowed down this year. Traders reacted to this signal in all markets: European stock indices fell within 2.5%, American stock exchanges - within 0.6%, but the Nasdaq and S&P 500 indices nevertheless came out in positive territory.

In general, the weekly drop in oil prices became the strongest since October: Brent fell by 7.7%, WTI - by 8.9%. The decline in oil prices has been going on for seven trading sessions in a row. The oil market was dominated by doubts about the recovery in demand for raw materials in the world. One of the main risks to this recovery remains the spread of the new coronavirus delta strain.

Also at the end of the week, oil services company Baker Hughes released the data that the number of operating oil rigs in the United States for the week ended August 20 increased by eight to 405 units. The indicator climbed above 400 for the first time since April 2020.

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