Oil became cheaper after the price spike at the end of July.

Oil prices eased slightly on August 1 after rallying in July amid supply cuts from OPEC+ and positive macroeconomic statistics from the world’s largest economies.

The October futures price for Brent on the London ICE Futures exchange is $85.12 per barrel, which is 31 cents (0.36%) lower than the indicator at the close of the previous session. On Monday, these contracts rose in price by $1.02 (1.2%) to $85.43 per barrel.

WTI oil futures for September on the New York Mercantile Exchange (NYMEX) electronic trading decreased by 26 cents (0.32%) and amounted to $81.54 per barrel. According to the results of the previous session, they increased by $1.22 (1.5%) to $81.8 per barrel.

According to July’s results, Brent crude’s price jumped by 14.2%, the highest rate since May of last year. WTI rose 15.8%, its best monthly gain since January 2022.