August is Oil’s Worst Month in 10 as Prices Drop 7% – Oil ended August on a down note, falling 7% for its worst month in 10, as demand concerns reared their head again after Hurricane Ida forced the closure of U.S. refineries.

Expectations that a Wednesday meeting of oil producing nations in the OPEC+ alliance would go ahead with a plan to raise output in September also weighed on prices in Tuesday’s session of oil — although the production increase was unlikely to be as much as the Biden administration expected, in order to dampen inflation.

London-traded Brent, the global benchmark, settled at $72.99 per barrel, down 42 cents, or 0.6%, on the day. For the month, Brent was down 4.4%, for its sharpest monthly drop since May and its worst loss since October.

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