Oil falls for first time in 4 sessions; Brent below $80

Oil snapped its winning streak today, Aug. 27, falling for the first time in four sessions, as data showed the largest economy in the euro zone contracted during the second quarter. In addition, latest report showed weak manufacturing activity in the US. 

Brent crude futures for October delivery fell 2.3%, or $1.88, to close at $79.55 a barrel. WTI crude for October delivery fell by 2.45%, or $1.89, to record $75.53 per barrel. 

Goldman Sachs analysts cut their average forecast for Brent crude to $77 a barrel from $82 in 2025, and warned that crude could hit $60 if demand for oil from China holds steady. 

Economic data today showed that Germany's GDP fell by 0.1% on a quarterly basis during the second quarter, and manufacturing activity in the Richmond Federal Reserve District contracted for the tenth consecutive month. 

The American Petroleum Institute's report on oil inventories is expected later today, and the US Energy Information Administration is scheduled to release official inventory data on Aug. 28, amid expectations of a 2.7 million barrel drop in crude inventories.