Affected by changes in the Middle East, international crude oil prices fell on August 16.

The Organization of the Petroleum Exporting Countries (OPEC) revised its forecast for oil demand growth for this year and next, primarily reflecting the ongoing weakness in China's economy.

West Texas Intermediate (WTI) crude for September delivery decreased by 1.9%, reaching US$76.65/barrel on the New York Mercantile Exchange.

Brent crude for October delivery fell by 1.7%, settling at US$79.68/barrel.