International Crude Oil Futures Fall Amid Rising Demand Concerns

International crude oil futures closed lower on July 30.

The settlement price for the September contract of U.S. WTI crude oil futures was $83.59 per barrel, a decline of $0.87 (1.0%). The settlement price for the October contract of Brent crude oil futures was $86.88 per barrel, a decline of $1.21 (1.4%).

The drop in international crude oil prices had a direct downward effect on spot and futures prices due to rising concerns about market demand.

This pressure also impacted other refined products such as asphalt, gasoline, and diesel, which are directly correlated with crude oil prices.