Oil prices fall by more than one dollar on markets

(Patria) - Oil prices on the world market fell by more than a dollar today due to weaker fuel demand in China.

In London, the price of Brent crude oil from the North Sea fell by 1.07 dollars or 1.32 percent and is now 79.97 dollars per barrel. In New York, the price of light crude oil fell by 1.27 dollars or 1.62 percent and stands at 76.89 dollars per barrel.

"The oil market is trying to maintain the recently won level of 80 dollars per barrel after a series of weak macroeconomic indicators pointed to downward pressure, while concerns about the geopolitical situation took a back seat," said market analyst Harry Tchilinguirian from Onyx Capital Group.

According to him, everything is pointing to a price drop this morning as the market reassesses the crude oil situation due to poor import data from China.

In China, refineries significantly reduced processing rates last month due to weaker fuel demand. OPEC also lowered its oil demand forecasts earlier this week due to weaker expectations in China.