Oil prices drop on fears about demand

Global oil prices fell by about 1.5% on June 19 morning, News.Az reports citing the auction data.

Markets are assessing the prospects for supporting the economy of China, a major oil importer.

The price of August futures for Brent crude fell by 1.45% to $75.5 per barrel, and August futures for WTI decreased by 1.4% to $70.92.

Traders continue to assess the prospects for economic recovery of China, one of the largest consumers and importers of oil.

Now investors are waiting for the decision of the Central Bank of China on June 20 on the main discount rate, LPR (loan prime rate), which is at the level of 3.65%.


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