What about brent crude oil prices? Oil prices decline after rising on FridayOil prices are declining today as investors wait for the next OPEC+ meeting.

The market is waiting for the outcome of the next OPEC+ ministerial meeting to be held this week on Wednesday. The coalition is expected to confirm the level of oil production increases in September, despite U.S. calls for a stronger production increase. However, the ministers may also discuss a slight increase in the level, according to analysts at Phillip Securities Research.

Are oil prices going down

Meanwhile, the market continues to worry about the prospects for global economic growth in the future. Many experts predict a recession, which could lead to a drop in demand for oil. Last week, it became known that U.S. GDP fell by 0.9% in the second quarter, while analysts expected growth. The index is falling for the second quarter in a row, which meets the technical definition of a recession.

At the same time, China’s manufacturing activity index, one of the biggest oil consumers, unexpectedly fell below 50 points in July, the mark separating activity growth from decline. The drop was driven by concern among businesses about sporadic outbreaks of coronavirus in some cities in the country, as well as forecasts of a worsening global economic situation.

“Continued worries about slowing economic growth continue to fuel bearish sentiment in the (oil) market,” said FXTManalyst Lukman Otunuga.

Lately oil prices per barrel have been going up. The value of October Brent futures on London’s ICE Futures exchange at 8:27 Moscow time on Monday is $102.92 a barrel, down $1.05 (1.01%) from the previous session’s closing price. At the close of trading on Friday, those contracts grew by $2.14 (2.1%) to $103.97 a barrel. The value of September contracts, which stopped trading on Friday, rose by $2.87 to $110.01 a barrel.

The price of WTI September futures on the New York Mercantile Exchange (NYMEX) had fallen by $1.37 (1.39%) to $97.25 a barrel by that time. By market close on Friday those contracts had risen by $2.20 (2.3%) to $98.62 a barrel.