Global oil prices fell more than 1% during the day on August 5, according to trading data, as market forecasts point to a supply glut by the end of the year.
Brent crude dropped below $68 per barrel for the first time since July 24. October Brent futures fell 1.16% from the previous close to $67.96 per barrel, while September WTI futures declined 1.33% to $65.41.
Earlier in the morning session, prices showed smaller losses: October Brent was down 0.16% at $68.65, and September WTI was down 0.17% at $66.18.
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Bloomberg reported that the oil market’s “fundamental outlook is bearish,” with increased OPEC+ supply expected to push the market into surplus starting in the fourth quarter.
