Oil prices have been falling this week, with WTI now below $79 and Brent dropping below $83 before bouncing back.
Oil prices fell in Asian trading early on Thursday, losing ground for a fourth consecutive day, as market participants are concerned about the pace of China’s economic growth while keeping an eye on the Jackson Hole Fed meeting starting on Thursday, which could shed more light on whether interest rates would remain higher for longer.
In early Asian trading on Thursday, both benchmarks were down by around 0.3% as the market ignored a large U.S. crude draw reported on Wednesday and remained focused on the underwhelming Chinese economic recovery.
WTI crude, the U.S. benchmark, slipped this week to a one-month low and traded at around $78.60 a barrel in early Asian trading on Thursday. The international benchmark, Brent Crude, had slipped below $83 per barrel and traded at around $82.90 after hitting a four-month high of over $87 a barrel in early August.
