Oil futures are trading slightly lower, since the market has concerns about the global oversupply.
A further fall in prices hinder the news of disruptions to oil supply from Libya. Protest over wages led to the closure of the eastern Libyan oil terminal Harigo, forcing production stop at the Safir field. As a result, the supply of Libyan oil decreased by about 100 thousand barrels per day.
Many analysts say, despite the relative stability of oil market fundamentals still look bearish. “We are entering a period when oil markets may feel the more intense pressure as a result of the return of Iran, – said Olivier Jakob, analyst at Petromatrix. – Saudi Arabia comes from the period of maximum demand amid falling margins from refining. And it’s not a very good combination for the market. “
Gradually, investors’ attention will switch to the weekly data on US petroleum inventories. The American Petroleum Institute will publish its report today, and the official statistics from the US Department of Energy will be released tomorrow. Experts predict that the Ministry of Energy reported a drop of oil to 2.2 million barrels. “Obviously, the production of shale oil in the US has reached a peak and will continue to fall”, – said Phil Flynn of Price Futures Group. However, some analysts warn that the decline in US production may be offset by its increase in other regions of the world.
The cost of the September futures on US light crude oil WTI fell to 45.74 dollars per barrel.
September futures price for North Sea petroleum Brent fell to 46.93 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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