During the reporting week (August 01–08), NYMEX WTI crude oil prices dropped by 2.6% to USD 52.54 per barrel.
The main bearish drivers were as follows:
- escalated trade conflict between the USA and China, which carries risks for the entire world economy and crude oil demand;
- over the previous week, commercial crude oil stocks in the USA increased unexpectedly, although analysts expected their reduction. Over the period under review, crude oil production rose as well.