Crude oil prices softened ahead of the start of USA trading Tuesday on possible wiggle room in Iran and steady personal incomes in the United States.
OPEC and other supply-cutting countries led by Russian Federation struck a deal last month to increase production by rolling back coordinated output cuts that had been in place for more than a year. The first two days of this week were illustrative: Monday saw a gain of more than 1% in the price of West Texas Intermediate (WTI); Tuesday saw a drop of the same size.
The price for Brent crude oil, the global benchmark for the price of oil, was down 0.73 percent as of 9:15 a.m. EDT to $75 per barrel.
The price of oil fell from more than r $100 a barrel in 2014 to less than $30 a barrel in early 2016.
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Oil prices were mixed on Monday with WTI rising on the back of strong United States economic growth figures, while Brent began the week trading lower after posting its first weekly gain in four.
At 408.7 million barrels, the EIA said, crude oil inventories were below the five-year seasonal average. US dollar index trended around 95 during the whole week, close to the highest levels in a year which is a bearish factor for oil prices.
Another major event on Wednesday was Yemen's Houthi's attack on the Saudi oil tanker in the Red Sea.
According to the survey, which is based on external sources and shipping data, OPEC produced 32.64 million barrels per day (Mmbpd) of crude last month. China's independent refiners were once the toast of the oil town, courted by everyone from OPEC producer Saudi Arabia to energy giant BP Plc and top independent trader Vitol Group.
Oil retreated in NY, heading for its biggest monthly loss since March 2017, as some of the supply risks facing the market abated.
Russian oil production last month was on average above the level Moscow promised following the Organization of the Petroleum Exporting Countries and non-OPEC meeting in June, energy minister Alexander Novak indicated on Wednesday. "Even though trade war worries were eased between the USA and European Union this week, they still loom large with China, weighing on prices".
"The market is facing different questions - Is global demand slowing due to weakening worldwide economic growth, will US production keep up its incredible pace, will output in Venezuela keep plummeting, what will USA sanctions do to Iranian production, and is OPEC really willing to raise output up to 1 mbpd!"