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Oil fell 8% this month, the possibility of a trade dispute between the United States and China affecting growth.
The barrel of oil fell to US $ 68 when ambiguous data were known. from the US government that sowed uncertainty about the strength of demand in the country that is the largest consumer of fuel.
Futures in New York fell 1.3%, with data showing a surprising increase in the nationwide crude stock and production to a record high, while a strong demand for fuel has reduced gasoline reserves more than ever since May. For its part, the committee meeting of OPEC provided little information on how the production quotas will be divided within the group.
Oil fell 8% this month due to the fact that the possibility that a trade dispute between the United States and China affecting growth eclipses the concern about dangers for Venezuela's supply to Libya and Iran. Investors are waiting to see how other members of the Organization of the Petroleum Exporting Countries will compensate for these production losses and if USA "The pronounced fluctuations of recent weeks" made it difficult to evaluate data on stocks, said Carsten Fritsch, an badyst at Commerzbank AG in Frankfurt . They actually rose after the announcement of the numbers on Wednesday. "Given the unexpected increase in crude oil stocks last week, prices should actually have fallen."
Crude West Texas Intermediate for the August delivery, expected Friday, It was trading down 71 cents to $ 68.05 a barrel on the New York Mercantile Exchange at 11:17 London time. The contract added 68 cents on Wednesday. The total volume traded on Thursday was 26% lower than the 100-day average. The most traded contract for September was 84 cents lower, at US $ 66.91 per barrel
Brent's barrel for September payment fell 68 cents to US $ 72.22 on the stock market ICE Futures Europe ] based in London, after rising 74 cents on Wednesday. The global benchmark was traded with a US $ 5.31 premium over WTI for the same month. The Brent market continues to show signs of weakness, while the nearest (first month) term futures have been traded at a discount to the second month's contract.
The Energy Information Administration reported that US crude oil rose 5.84 million barrels last week, which puzzled most badysts who participated in a Bloomberg consultation who predicted a fall. Oil production is a record 11 million barrels a day. Along with lower refinery utilization levels, a decline in crude oil exports has also contributed to inventory accumulation at the lowest level since April.
While Saudi Arabia and Russia promise last month will soon decide how to distribute an increase in collective output of about 1 million barrels a day, the committee meeting held on Wednesday will Gave no recommendation as to how they should distribute the planned increase.
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