• 8 minutes U.S. Shale Oil Debt: Deep the Denial
  • 13 minutes WTI @ $75.75, headed for $64 - 67
  • 16 minutes Trump vs. MbS
  • 2 hours Despite pressure about Khashoggi's Murder: Saudi Arabia Reassures On Oil Supply, Says Will Meet Demand
  • 24 mins Dyson Will Build Its Electric Cars in Singapore
  • 12 hours Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 16 hours Iraq war and Possible Lies
  • 2 hours Satellite Moons to Replace Streetlamps?!
  • 2 hours Can “Renewables” Dent the World’s need for Electricity?
  • 13 hours EU to Splash Billions on Battery Factories
  • 19 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 12 hours Get on Those Bicycles to Save the World
  • 7 hours Merkel Aims To Ward Off Diesel Car Ban In Germany
  • 2 hours Aramco to Become Major Player in LNG?
  • 24 mins How Long Until We Have Working Nuclear Fusion Reactor?
  • 3 hours Why I Think Natural Gas is the Logical Future of Energy
Alt Text

Oil Experts Divided As Iran Sanctions Loom

The world’s top oil trading…

Alt Text

Oil Prices Subdued, But For How Long?

Oil prices may have closed…

Alt Text

Oil Prices Tank Amid Global Stock Market Rout

Oil prices fell sharply in…

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 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