According to the report of the International Economic Group of Fars News Agency, quoted by Reuters, on the eve of the Federal Reserve meeting and investors are trying to gauge the willingness of the US central bank to further increase interest rates, while concerns about the growth in demand for fuel in China and the increase in supply Russian crude oil has also affected the market, the price of oil decreased by nearly 2 dollars in today’s trading.

A barrel of Brent oil was sold with a decrease of 1 dollar and 80 cents to 72.99 dollars, and a barrel of US crude oil was traded with a decrease of 1 dollar and 92 dollars to 68.25 dollars.

As disappointing economic data from China fueled concerns about demand growth in the world’s biggest crude importer and erased price gains from Saudi Arabia’s 1 million-barrel output cut in July, both oil benchmarks last week, the second They recorded a declining week.

Bank of America Global Research analyst Francisco Blanch wrote in a note that the price of oil is involved in a conflict between two opposing forces, the downward factor refers to monetary policies and the upward factor refers to the reduction of oil reserves in the second quarter of this year.

The bank still expects Brent to trade at an average of $80 a barrel in 2023.

If the U.S. central bank raises interest rates, the value of the dollar will rise, making basic goods more expensive for owners of other currencies.

Most market players expect the US Federal Reserve to leave interest rates unchanged after its two-day meeting on Wednesday.

Saudi Arabia has cut production four times in the past year due to interest rates, but Russian oil supply has increased.

Russia’s oil exports to China and India have increased despite the implementation of EU and G7 sanctions.

Goldman Sachs Bank has predicted that due to the increase in the supply of Iranian and Russian oil, the price of oil will decrease and the amount of supply of these two countries plus Venezuela will increase by a total of 800,000 barrels per day in 2024.

This bank has predicted the price of Brent oil at 86 dollars and US crude oil at 81 dollars per barrel; This is while this figure was previously 95 and 89 dollars per barrel respectively.

end of message/