• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 7 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 2 hours The Inconvenient Truth Of Electric Cars
  • 5 hours Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 1 hour Oil Demand Needs to Halve: Equinor
  • 7 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 9 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 4 hours Solar Panels at 26 cents per watt
  • 9 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 2 hours The Plastics Problem
  • 10 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 10 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 5 hours Section 232 Uranium
  • 3 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 3 hours Huge UK Gas Discovery
  • 6 hours Hydrogen FTW... Some Day
Alt Text

Oil Holds Steady Amid Small Rig Count Decline

Oil prices held steady on…

Alt Text

The Oil Price Risk Analysts Are Ignoring

While geopolitical tensions in the…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Trending Discussions

Oil Prices Fall To 3-Week Lows On Flurry Of Bearish News

Oil prices continued to fall on Tuesday morning, following a sell-off on Monday triggered by a stronger U.S. dollar, concerns over growing supply from non-OPEC producers, and signs of potential slower oil demand growth in China.

(Click to enlarge)

At 09:18 am CST on Tuesday, WTI was down 0.88 percent at US$47.17. For more crude oil prices, please head over to our Oil Price Charts page. 

On Monday, oil prices dropped by 2.5 percent to their lowest close in three weeks, with WTI Crude settling at US$47.59, the lowest level since July 24.  

At 10.71 million bpd, China’s crude refineries saw in July their lowest daily throughput rate since September last year amid oversupply of fuels on the domestic market.

Now, the lowest refinery runs in 10 months, at a peak demand season, is creating some concern about Chinese oil demand growth.

Earlier on Monday, oil prices inched up on the news that the Zueitina oil terminal in Libya had ceased loading cargos as port workers protest, demanding better working conditions. 

Also on the supply side, however, Shell’s Nigerian unit on Monday lifted  the force majeure on Bonny Light crude oil exports that had been in place since the middle of July. This added to the global oversupply concerns.

In the U.S., shale output is expected to further grow in September, by 117,000 bpd compared to August, with the Permian production jumping by 64,000 bpd and accounting for more than half of the expected increase. Related: China Prepares For A Natural Gas Import Boom

According to a Reuters poll, U.S. crude stockpiles dropped last week for the seventh week in a row, and gasoline and distillate inventories were also likely down.

API is reporting industry data later on Tuesday, with the closely-watched EIA inventory report due out on Wednesday.

Last week, the EIA reported a draw in U.S. commercial crude oil inventories of 6.5 million barrels for the week to August 4, but on a more troubling note, the EIA calculated gasoline inventories had gone up by 3.4 million barrels, with daily production averaging 10.3 million barrels, basically flat on the previous week, when refineries processed some 17.4 million barrels of crude daily.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News