The price of oil falls on the risks of a global economic slowdown
Oil prices fall amid concerns about slowing global growth and a positive outcome of the meeting of parties to the nuclear deal with Iran.
In the near future, the fed should make the final decision on the interest rate. Market participants expect a decline of 0.25%, as downside risks to economy rising: published data on U.S. GDP for the second quarter was worse than in the first and 2.1% against 3.1%. Thus, until Wednesday the market will be rather sluggish as investors would not risk before the fed’s meeting.
Current week is rich on events: the meeting of the banks of England and Japan, trade negotiations between the US and China, the employment report in the US and so on. Downside risks remain valid: most likely, oil will continue to decrease to $62 due to the lack of any positive.
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