[ad_1]
Oil prices retreated past the limited gains of the previous session, as expectations of a slowing of demand were offset by the hope that major producers would support prices by cutting back on their oil production.
At approximately 6:43 am GMT, Brent crude futures were down 48 cents, or 0.8 percent, from the last settlement at $ 58.09 per barrel.
West Texas Intermediate (WTI) crude futures prices in the United States fell 41 cents, or 0.8%, from the previous settlement, to $ 54.52 per barrel.
Saudi Arabia, OPEC's largest oil producer, announced late last week its intention to keep its crude oil exports below 7 million bpd in August and September, in order to contribute to the depletion of global oil stocks.
Analysts expect the kingdom to keep its prices ahead of Saudi Aramco's plans, which could be the world's largest public call for savings.
OPEC and its allies, or the group known as OPEC, have agreed to cut oil production by 1.2 million barrels a day since Jan. 1.
However, a significant increase in shale production in the United States continues to discourage efforts to reduce the overabundance of global supply, which has a negative impact on prices.
Oil prices have also fallen on gloomy prospects for the global economy and growing demand for oil as the trade dispute between the US and China intensifies.
Business banks in Lebanon … a phase of financial market transformation calls for caution
50% discount on the annual "Al Nahar" Premium subscription
[ad_2]
Source link
