The growing crisis and concerns on the ongoing supply gluts of oil have massively hit the prices this week; the growing supply from OPEC members and in the United States propelled the prices on an all-new 3-week low. Although a silver lining from Asia’s oil prices was the API estimates which manage to keep current prices a float.
According to several analysts, the biggest debacle that the prices have been facing is the continuing glut in the US production; the price will continue to struggle in the future until a recession on the domestic output growth happens.
The current prices for today had dip entering this Monday, the Western Digital Intermediate oil for September delivery was down by a whopping 2.5% or a total decrease of $1.23 before settling to the $47.59 a barrel on the New York Mercantile Exchange. On the other hand, the Brent Crude’s deliveries for October stumbled at the $50.73 a barrel price shedding a total of $1.37 or 2.6% on the ICE Futures Europe; the prices signal lows from almost three weeks or so since July.
On a recent report dated yesterday, the United States’ Energy Information Administration said that they are going to see an increase of 117,000 barrels a day in September to a total of 6.149 million barrels a day. The report showed that the total figures have increased in shale-oil production on a monthly basis all throughout the year.
Oil Prices in Asia Today
One of the largest news this week is the increase of crude oil in Asia before the estimates on the United States inventories to lower this time around. Looking at the London’s International Exchange, the Brent manages to increase by a total of 0.28% to a total of $50.87 per barrel. On the other hand, September delivery was up by a total of 0.21% to a total of $47.96 a barrel.
The American Petroleum Institute is expected to report an estimate of the crude and refined stocks by the last week of the month; the report is also expected to be accompanied by the official data from the Energy Information Administration.
Most analysts are expecting figures of 3.179 million drop in crude stocks in the upcoming announcements while a total of 1.527 million barrels decline in gasoline inventories and shrink the total supplies by 620,000 barrels.
for your round-the-clock market update! We provide you with the latest news surrounding Forex, commodities, automobile, consumer, financial, economy, and technology. Never miss any news beat! Subscribe now!