Oil closes lower, Brent below $77

05/08/2024 Argaam

Oil falls amid fears of US economic slowdown

Oil drilling rigs

Oil closed lower today, Aug. 5, as concerns about a US economic recession outweighed the impact of risks from geopolitical tensions in the Middle East. 

 

Brent crude futures for October delivery fell 0.65%, or 51 cents, to settle at $76.30 a barrel, after touching $77.74. 

 

WTI crude for September delivery fell by 0.8%, or 58 cents, to $72.94 a barrel, after touching $74.46. 

 

"Oil and derivatives trading will be cautious as investors try to understand the extent of the global market collapse," Reuters reported, citing Phil Flynn, Chief Market Analyst at PRICE Futures Group. 

 

 Meanwhile, Bloomberg reported that the Sharara oil field, the largest oil field in Libya, has completely stopped production, with the ongoing local protests in the region. 

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