Brent crude oil has the worst monthly performance since 2016

World oil prices fell a little lower this Tuesday as they head for their biggest monthly decline in two years.

Brent was down 0.6% to $ 74.55 a barrel in New York. Down 5.6% on the month, the world benchmark for oil was heading for its first monthly decline in five and its worst monthly performance since July 2016.

West Texas Intermediate, the United States, was down from 1.5% today to $ 69.06. Its drop of about 5.4% this month was on track to be its worst since last August.

Oil prices recovered from a three-month low in mid-July, but were generally under pressure during the early July period. Donald Trump called on Saudi Arabia to increase oil production by 2 million barrels a day to offset the drop in supplies from Iran and Venezuela, accusing OPEC of "manipulating" the oil markets.

In June, Saudi Arabia convened an agreement with Russia to increase production by 1m b / d from July, but the announcement failed to appease prices oil at the time. Russia expects oil production to reach the highest level in 30 years in 2018 of 11.02 mb / d, Energy Minister Alexander Novak said last week. increase compared to the previous one. forecasts.

But signs of an increase in global supply over the coming months are offset by US data that showed significant drops in inventories in the country.

Worried The US trade war with its allies could put a damper on global growth on investor sentiment, and this month's data showing China has risen during the second quarter at its slowest pace since 2016. Have not helped either.