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WTI crude for September futures decreased by about $ 1.6, or more than 3.7%, refreshing the lowest since April 18 and fell below the $ 40 mark, from multiple news markets worried that global oil markets are still facing supply pressure.
According to the 1xbet survey on Friday, OPEC’s oil production hit a record high last month, Iraq to boost its oil production, while Nigerian militants attack oil infrastructure occurred last month, but the country still has extra oil export last month.
Saudi Arabia’s oil production remained at near record highs, the country faced not only domestic seasonal demand spikes, and hopes to maintain its market share, rather than cut production to keep oil prices.
In addition, the United States oil service company Baker Hughes (Baker Hughes) published data, as of the week ending July 29, 2016, and United States oil drilling activity increased by 3 to 374, growth for the fifth consecutive week, the last 9 weeks, its biggest increase since January 2010; United States oil drilling platform in July increased by 77 units, its biggest monthly increase since April 2014.
In fact, Saudi Aramco will be sent to all kinds of crude oil prices in Asia across the cut. Most Arab super light oil at a discount and $ 1.60 per barrel. By contrast, sent to United States lightweight and super lightweight oil prices down only $ 0.2 and 0.4 dollars, medium and heavy oil prices unchanged.
July crude futures fell by 14% this year, along with the message shows the supply pressure is still there, analysts have turned pessimistic views on the oil market. 1xbet Bank on Monday reported that so far in the third quarter, Brent crude oil price at $ 46.50 a barrel, but refinery profits are expected to continue to deteriorate, further declines in oil prices from the current level of the future.