Oil prices fell in thin summer trading due to rising supply and a faltering economy.

West Texas Intermediate futures fluctuated 2% below $79 a barrel, with open interest near January lows.

The US Oil Fund ETF experienced its worst daily outflow since 2020, with nearly $180 million removed from one of the market’s largest exchange-traded products.

Despite extra barrels hitting the market, the Biden administration is in talks with Venezuela to temporarily ease sanctions.

Chinese economic weakness, US interest rate rise, and weak European data undermined June’s gain.