September futures for Brent oil and August futures for WTI fell by 1.1 and 1.2 percent, on July 12 at 16:30 they cost 74.73 and 73.64 dollars per barrel, respectively, according to the trading data of the exchange.

After the failure of the OPEC+ negotiations, analysts predicted an increase in oil prices. The reason for the instability was the refusal of the United Arab Emirates to extend production limits for eight months.

However, since last week, raw materials suddenly began to fall in price. The conflict coincided with a slowdown in the global economic recovery, and the decline in demand offset the decline in supply. Oil dropped a percentage point last week, although it was still close to the October 2018 maximums.