Oil Prices Drop To Three-Week Low Amid US, China Economic Concerns

Oil prices fell to their lowest levels in about three weeks, pressured by disappointing economic data from the United States and China, along with concerns about increasing supply. Brent crude dropped to around $68.42–$68.44 per barrel, while West Texas Intermediate (WTI) declined to approximately $65.07–$65.16 per barrel. The U.S. reported a slowdown in business spending on equipment, and China’s fiscal revenue decreased slightly in the first half of the year, adding to demand concerns. Market participants are also wary of a potential rise in Venezuelan oil output, as the U.S. is reportedly preparing to allow companies like Chevron to resume limited operations there, potentially increasing heavy crude supply by 200,000 barrels per day. Despite these pressures, optimism over potential U.S.-EU trade deals—highlighted by upcoming talks between European Commission President Ursula von der Leyen and President Donald Trump—and recent trade agreements are providing some support to oil prices and markets. Additionally, disruptions in Black Sea oil exports and delays at Russian and Turkish ports are limiting further price declines ahead of the upcoming OPEC+ meeting, where production increases are expected to continue.