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Brent Brent crude prices fell to three-month lows on Tuesday as there was less concern regarding interruptions in the flow of supplies that led investors to focus on the increase and in the potential effect of the trade conflict between the United States and China
Brent Brent lost 0.45% at $ 72.16 per barrel, an intraday trough very close to its lowest level since April 17. On Monday, the benchmark was down 4.6%.
US futures West Texas Intermediate (WTI) rose 0.19% to $ 68.19 per barrel after falling 4.2%. Percent Monday,
"The perception of the oil market seems to be changing," said Carsten Menke, commodity badyst at Swiss bank Julius Baer. "The fear of a shortage, which has pushed prices up to $ 80 a barrel in the early summer, is declining and worries a surplus," he said.
Oil prices fell by more than 10 percent last week, after four oil export terminals in Libya came back to work and after the increase in shipments Nations of the Organization of Petroleum Exporting Countries (OPEC) and allies such as Russia
Production in the seven major shale oil formations of United States would increase by 143,000 barrels a day to a record 7.47 million bpd in August, according to figures released Monday by United States Energy Information Administration (EIA) .
EIA expects production to continue to grow in the seven shale formations Americans and all, with the exception of the Appalachian region, already set maximum levels of 39; extraction.
Increasing uncertainty surrounding the trade war between the United States and its major allies, especially China, establishes investor fear of possible damage to global economic activity and, as a result, the decline in global demand for crude oil.
With information from Reuters
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