The prices of oil have dropped to their lowest point in the past four months as a result of a bear run in China’s industrial branch and the increasing value of the dollar against other international currencies. On the afternoon of Saturday North Sea Brent oil saw a 28 cent decrease in London and was traded at $54.99. The price of Brent oil has dropped 13% in July.
US oil has seen an 18% decrease this month alone and sold for $48.57 for each barrel.
The possibility of Iranian oil entering the markets after the recent nuclear deal has had a serious impacting on the lowering oil prices in July.