For the first time in weeks, oil futures have begun to reflect expectations for a low winter, with divided monthly spreads by two weeks from one week to the next. Faced with fears of a global recession, Brent plunges below 95 dollars.

Despite the very slight increase in production decided by Opep+, oil prices could not regain their rise. Prices ended the week near the levels they had before the start of the war in Ukraine last February. On Friday, despite a slight recovery, the North Sea barrel of Brent for delivery in October continued to trade well below $100, settling for a weekend of just $94.92. As for the West Texas Intermediate (WTI) for delivery in September, it ended the week below the $90 mark at $89.01.

Furthermore, the Central Bank of Congo (BCC), in its economic overview for the week of August 1 to 5, 2022, indicated that the price of a barrel of oil had fallen by 10.8%. The price of a ton of cobalt fell significantly by 19.0% to USD 56,291.4.