Oil prices deepen losses, Brent below $79

Oil futures prices deepened their losses today, July 30, ahead of the OPEC+ meeting on Aug. 1 to discuss production policy and review plans to reduce supplies to maintain market balance. 

Brent crude futures for September delivery slumped 1.45%, or $1.15, to close at $78.63 a barrel—the lowest since June 5 ($78.04). 

WTI crude for September delivery fell 1.4%, or $1.08, to record $74.73 per barrel—the lowest settlement since June 5 ($73.42). 

“Weak global demand growth, uncertainty about China’s economic outlook and high global oil inventories are all putting pressure on prices,” said Claudio Galimberti, Market Analyst at Rystad Energy. 

The American Petroleum Institute's report on oil inventories is expected later today, and the US Energy Information Administration is scheduled to release official inventory data on July 31, amid expectations of a 1.6 million barrel drop in crude inventories.