# Arab News | Oil Updates — Crude prices continue to decline; Gazprom’s production reaches pre-COVID level

> Brent crude futures fell about $3.56 to $95.75 a barrel on Wednesday, extending losses on worries about the global economy, interest rate hikes and COVID-19 restrictions in China. OPEC+ forecast a bigger-than-expected 2022 surplus, and Gazprom's output reached pre-COVID levels.

- Date: 2022-08-31 · published 2022-08-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/40193-arab-news-oil-updates-crude-prices-continue-to-decline-gazprom-s-production
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A bigger expected oil surplus and weaker demand point to lower energy costs, which eases pressure on biofuel margins and farm input costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- arabnews.com: https://www.arabnews.com/business/oil-updates-crude-prices-continue-to-decline-gazproms-production-reaches-pre-covid-level-2153736

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.