Oil prices continued their decline for the third consecutive session, with WTI crude futures down to below $79 per barrel, the lowest in four weeks due to concerns that a restrictive monetary policy in the US and an economic slowdown in China could hurt energy demand. The focus shifted to the upcoming annual symposium of central bankers at Jackson Hole this week, where policymakers might provide insights into the future direction of interest rates. Sluggish demand in top crude importer China and the lack of forceful policy measures from Beijing to bolster growth also weighed on sentiment. Additionally, EIA data showed that US crude inventories dropped by about 6.135 million barrels last week, more than the 2.85 million barrel draw expected by analysts. The US oil benchmark reached a nine-month high of $84 on August 9 boosted by supply cuts by Saudi Arabia and Russia.
