Price of oil decreases in word markets

Global oil prices fell about 0.5% after a significant increase on Friday, Azernews reports, citing Trend.

The price of September futures of Brent oil fell by 0.59 percent and amounted to $78.01 per barrel, while the August futures of WTI oil decreased by 0.65 percent amounted to $73.38.

On Friday, the price of Brent oil rose by 2.55 percent, and WTI by 2.87 percent. Markets have evaluated the prospects of extracting this type of raw material. Saudi Arabia announced last week that it would voluntarily extend its production cut of 1 million barrels per day until August. In addition, Russian Deputy Prime Minister Alexander Novak said that Russia will reduce oil exports by 500,000 barrels per day in August.