• 7 minutes Get First Access To The Oilprice App!
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 17 minutes Renewables in US Set for Fast Growth
  • 44 mins Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 6 hours Socialists want to exorcise the O&G demon by 2030
  • 3 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 2 days Is Natural Gas Renewable? I say yes it is.
  • 16 hours Cheermongering about O&G in 2019
  • 8 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 2 days Making Fun of EV Owners: ICE-ing Trend?
  • 2 days Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 23 hours Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 2 days Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 1 day North Sea Rocks Could Store Months Of Renewable Energy
  • 21 hours Oceans "Under Fire" Of Plastic Trash
  • 2 days Orphan Wells
Alt Text

Oil Prices Lag Despite Early OPEC Cuts

OPEC already started cutting crude…

Forex Pros

Forex Pros

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house…

More Info

Trending Discussions

Slowdown in Demand Pushes Crude Oil Prices Lower

Crude oil futures edged lower on Wednesday, as negotiations to raise the U.S. debt ceiling remained deadlocked and after industry data showed that U.S. crude supplies rose by the most in the three months last week.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at USD99.01 a barrel during European morning trade, shedding 0.45%.        

It earlier fell as much as 0.52% to trade at a daily low of USD98.93 a barrel.

With seven days to go before the August 2 deadline, U.S. Republican leaders delayed a key vote in the House of Representatives on a plan to increase the USD14.3 trillion debt limit until Thursday at the earliest, adding to investors’ nervousness over a possible sovereign debt default.  

Ratings agencies Moody’s, Standard & Poor’s and Fitch’s have said they will cut the U.S.’s top-level credit rating in the event that a failure to raise the debt ceiling results in a default.

Global financial service provider Barclays said in a report earlier that U.S. debt woes and concerns over a possible downgrade were “likely to keep the downward pressure on prices intact” in the short-term.

Meanwhile, data released by the American Petroleum Institute on Tuesday showed that U.S. crude supplies rose by 3.96 million barrels last week, the biggest increase in three months, underlining concerns over a slowdown in demand from the world’s largest oil consumer. 

Later in the day, the U.S. Energy Department was to release its closely-watched crude oil inventories report for the week ended July 22.

The data was expected to show that U.S. crude oil stockpiles declined by 1.5 million barrels, while gasoline supplies were forecast to rise by 0.4 million barrels, the second consecutive weekly gain. 

Energy traders have been closely eyeing gasoline stockpiles in recent weeks to gauge the strength of demand as the U.S. driving season was in its peak gasoline demand period.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for September delivery dipped 0.35% to trade at USD117.96 a barrel, up USD18.95 on its U.S. counterpart.

By. ForexPros.com

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house experts, and a widely used economic calendar.




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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