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[rtl]Release date: 2018/8/1 8:40 • 530 times prescribed[/rtl]
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{International: Al Furat News} Oil prices fell on Wednesday after industry data showed that US inventories of crude rose unexpectedly, with the new month starting to fall after suffering its biggest monthly loss in two years in July.
Brent crude for October delivery fell 30 cents, or 0.4 percent, to $ 73.91 a barrel by 0325 GMT, up 1.8 percent in the previous session.
US benchmark WTI fell 37 cents, or 0.5 percent, to $ 68.39 a barrel after falling nearly 2 percent on Tuesday.
The Brent crude was more than 6 percent in July, while US crude fell about 7 percent, the biggest monthly drop for record highs since July 2016.
Data from the US Petroleum Institute showed an increase of 5.6 million barrels in crude oil inventories in the United States last week While a Reuters poll forecast 2.8 million barrels.
The US Energy Information Administration is expected to release its inventory data on Wednesday.
Traders said signs of a possible solution to a temporary disruption of oil shipments across the Bab al-Mandab Strait at the southern entrance to the Red Sea had an impact on prices throughout the session.
Yemen's Houthi group said it was ready to stop unilaterally attacks in the Red Sea to support peace efforts, days after Saudi Arabia suspended oil exports across the Bab al-Mandab Strait following an attack on two Saudi oil tankers last week.
A Reuters poll showed that oil prices are likely to remain largely unchanged this year and next as OPEC and the United States increase output to meet rising demand from Asia and help it offset supply disruptions.
OPEC has pledged to compensate supply disruptions from Iran, the organization's third largest producer.
OPEC output in July reached its highest level in 2018.
The impending US sanctions have already begun to limit Iranian exports, with buyers from its biggest Asian customers cutting their imports to their lowest level in seven months in June.
http://alforatnews.com/modules/news/article.php?storyid=170507
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The worst drop in oil in two years
[/rtl][rtl]Release date: 2018/8/1 8:40 • 530 times prescribed[/rtl]
{International: Al Furat News} Oil prices fell on Wednesday after industry data showed that US inventories of crude rose unexpectedly, with the new month starting to fall after suffering its biggest monthly loss in two years in July.
Brent crude for October delivery fell 30 cents, or 0.4 percent, to $ 73.91 a barrel by 0325 GMT, up 1.8 percent in the previous session.
US benchmark WTI fell 37 cents, or 0.5 percent, to $ 68.39 a barrel after falling nearly 2 percent on Tuesday.
The Brent crude was more than 6 percent in July, while US crude fell about 7 percent, the biggest monthly drop for record highs since July 2016.
Data from the US Petroleum Institute showed an increase of 5.6 million barrels in crude oil inventories in the United States last week While a Reuters poll forecast 2.8 million barrels.
The US Energy Information Administration is expected to release its inventory data on Wednesday.
Traders said signs of a possible solution to a temporary disruption of oil shipments across the Bab al-Mandab Strait at the southern entrance to the Red Sea had an impact on prices throughout the session.
Yemen's Houthi group said it was ready to stop unilaterally attacks in the Red Sea to support peace efforts, days after Saudi Arabia suspended oil exports across the Bab al-Mandab Strait following an attack on two Saudi oil tankers last week.
A Reuters poll showed that oil prices are likely to remain largely unchanged this year and next as OPEC and the United States increase output to meet rising demand from Asia and help it offset supply disruptions.
OPEC has pledged to compensate supply disruptions from Iran, the organization's third largest producer.
OPEC output in July reached its highest level in 2018.
The impending US sanctions have already begun to limit Iranian exports, with buyers from its biggest Asian customers cutting their imports to their lowest level in seven months in June.
http://alforatnews.com/modules/news/article.php?storyid=170507
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