Oil demand outlook continues to come under pressure International oil prices fell on August 4

As the outlook for global oil demand continued to come under pressure, international crude oil futures prices consolidated in a narrow range in the overnight market, fell in the morning of the 4th, and consolidated in a narrow range in the afternoon, and international oil prices fell
at the close.

Light crude futures for September delivery fell $2.
12, or 2.
34%, to settle at $88.
54 a barrel on the New York Mercantile Exchange by the close of the day; London Brent crude futures for October delivery fell $2.
66, or 2.
75%, to settle at $94.
12 a barrel
.

Craig Erlam, senior market analyst at online forex trading platform OANDA, said New York oil prices fell below $90 a barrel given that the market remained tight and there was very little room for relief
.

The Bank of England, the Bank of England, the British central bank, announced on the 4th that it raised its benchmark interest rate by 50 basis points, and expects the British economy to begin to fall into recession
in the fourth quarter.

Joel Frank, an analyst at FX Empire, a foreign exchange information website, said that the Bank of England's pessimistic expectations and the bearish impact from last week's oil inventory data in the United States raised concerns about a weakening global economy, and market sentiment was under pressure
.
New York oil prices fell below $90 per barrel on the 4th, falling to the lowest level
before the outbreak of the Russian-Ukrainian conflict in February this year.

According to reports, Saudi Arabia and the UAE are ready to increase oil supplies
if there is a severe global supply crisis this winter.

Edward Moya, senior market analyst at Chubb, believes that the fall of New York oil prices below the $90 per barrel integer mark should drive some selling momentum
.
While New York oil prices should have huge support at $90 a barrel, the intensification of the global slowdown is changing the oil market's tight
supply.
If it continues to fall below $90 a barrel, New York oil prices should provide some support
at the $88.
75 per barrel level.