Oil Reaches Three-Month Low With Peak Season Ending
According to investing, crude oil prices fell to their lowest level in 10 weeks, as the end of the peak season in the US focused the market's attention on a worsening supply / demand balance.
Prices had already fallen on Monday after Saudi Arabia cut official sales prices for all of its major export specifications to Asian customers. This, in turn, occurred in a data scenario showing a sharp slowdown in the purchase of oil by Chinese importers in August. Independent refineries, in particular, took advantage of the second-quarter price collapse to buy in bulk in July.
At 9:04 am, the WTI oil futures contract, traded in New York, was down 5.93% to $ 37.41 a barrel. The Brent oil futures, quoted in London and international price reference, already lost 3.78%, to US $ 40.42 a barrel.
The American Petroleum Institute's weekly report on U.S. oil stocks, which typically falls on a Tuesday, is one day late due to the holiday weekend.
Prices had already fallen on Monday after Saudi Arabia cut official sales prices for all of its major export specifications to Asian customers. This, in turn, occurred in a data scenario showing a sharp slowdown in the purchase of oil by Chinese importers in August. Independent refineries, in particular, took advantage of the second-quarter price collapse to buy in bulk in July.
At 9:04 am, the WTI oil futures contract, traded in New York, was down 5.93% to $ 37.41 a barrel. The Brent oil futures, quoted in London and international price reference, already lost 3.78%, to US $ 40.42 a barrel.
The American Petroleum Institute's weekly report on U.S. oil stocks, which typically falls on a Tuesday, is one day late due to the holiday weekend.