Oil prices on global markets accelerated their decline on Tuesday afternoon on concerns about the outlook for demand in China and a strengthening US dollar.
SIA reports that the September futures price of "Brent" oil decreased by 3.89% to 102.93 US dollars per barrel, and the price of August WTI oil futures decreased by 4.11% to 99.81 dollars/barrel.
Oil prices continue to remain negative due to concerns about demand in China. There is an increase in the number of people infected with COVID-19 in the country, and because of this quarantine measures are being strengthened. A stricter lockdown however stops economic activity in the country.
Additional pressure on the cost of raw materials is shown by the ongoing rally of the dollar. The dollar index (exchange rate against the currencies of six US trading partners) rose above 108 points for the first time since 2002.
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