Oil prices drop 1%, Brent trades below $103 a barrel

Oil prices traded 1% lower today, July 22 amid weak growth forecasts, which weigh on demand aid predictions for higher production levels in the market.

According to RBC analysts, demand in India for gasoline and distillate fuels rose to record highs in June, despite higher prices, with total refined product consumption running at 18% more than a year ago.

President Christine Lagarde warned at a press conference on July 21 of inflationary risks, but added that ECB does not expect economic recession in 2022 or 2023.

On the other hand, crude production resumed at several oilfields in Libya this week, limiting the Brent crude gains. Production is expected to reach 1.2 million barrels per day within seven-10 days.

Brent crude for September delivery dropped 1%, or $1.04 a barrel, to $102.82 at 1:59 pm Makkah time.

WTI for September delivery fell 1.30%, or $1.25, to $95.10 a barrel, heading for the third weekly loss.