The global oil market will be guided by fresh forecasts on the demand for the raw materials. Brent crude oil prices rebounded last week. Major analytical teams of the oil market, the US Department of Energy, IEA and OPEC, presented updated forecasts, which show continuing strong demand on the 2022-2023 horizon.

At the same time, inflation in the U.S. has slowed down, which further mitigated fears of a possible global recession, the expert noted.

Russian production estimates increased markedly after Russia managed to show stable production and exports in June-July. This news affects oil prices daily. The temporary shutdown of Russian exports via the southern branch of the Druzhba pipeline had little effect on the quotations, as the problem was promptly solved.

Next week, oil prices may once again test the $100 mark from below and try to return to a higher range. If that fails, the decline could resume with the potential for a move to $93-95 a barrel.

Earlier we reported that Experts expect copper prices to fall due to slow global economic growth.