• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 8 hours Oil prices going Up? NO!
  • 1 day Could Venezuela become a net oil importer?
  • 2 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 1 hour Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 1 day Gazprom Exports to EU Hit Record
  • 9 hours Could oil demand collapse rapidly? Yup, sure could.
  • 6 hours Oil prices going down
  • 2 days Why is permian oil "locked in" when refineries abound?
  • 1 day Oil Buyers Club
  • 7 hours Saudi Arabia turns to solar
  • 8 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 2 days EVs Could Help Coal Demand
  • 8 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 1 day Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 hour Are Electric Vehicles Really Better For The Environment?
  • 1 day EU Leaders Set To Prolong Russia Sanctions Again
Alt Text

Weak Dollar Drives The Oil Rally

A recent statement from the…

Alt Text

UAE: OPEC Is Not Discussing Deeper Cuts

UAE oil minister Al-Mazroui has…

Alt Text

Falling Iraqi Exports Drive Oil Prices Higher

Crude oil prices continued to…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

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

Oil

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:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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