All About Commodity

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Oil Weakens Over Sharp Weakening Demand Prospects

 

Tuesday, August 12, 2014

 

Crude oil futures fell as an indication of the availability of global oil supplies despite unrest in the Middle East, as well as the Ukrainian border.

 

So far the crude oil futures for September contract fell 0.65% to $ 97.45 per barrel, compared to the previous day's closing at $ 98.08 per barrel level.

 

The International Energy Agency cut its oil demand growth forecast for Q2 2014 to its lowest level in the last 2 years. Until the end of the year, the EIA agency cut its forecast demand by 180,000 barrels per day to 1 million barrels per day. While in 2014, demand is expected to grow to 1.3 million barrels a day, or over 90,000 barrels per day lower than the original estimate.

 

The report also shows that although there is a geopolitical event, but supply still exceeded the number of requests, so that investors make further profit taking in the oil market and cause prices decline

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EIA overstraining Oil Price

 

Wednesday, August 13, 2014

 

Crude oil prices slipped on Wednesday after the Energy Information Administration report showed a surprise rise in crude inventories, as refinery decline exceeded expectations.

 

Crude stocks typically experience a seasonal decline at this time, but the increase in imports along with declining refinery demand have pushed inventories rose by 1.4 million barrels in the week ending on August 8. This figure contrasts with Platts forecast a decline of 2 million barrels.

 

EIA data also showed gasoline and distillate fuel stocks fell respectively 1.2 million barrels and 2.4 million barrels. Analysts surveyed by Platts previously predicted gasoline inventories fell by 1.5 million barrels would, while distillate oil stockpiles rose 250,000 barrels.

 

Currently crude oil for September delivery contract offered in the range of $ 96.80 or about 0.45% below yesterday's closing price.

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Increase in Oil Reserves Top Back Down USA

 

Thursday, August 14, 2014

 

West Texas Intermediate oil fell for the second time in three days after a government report showed crude stocks rose for the first time since June in the United States, which is the world's largest oil consumer.

 

Oil futures fell as much as 0.3% in New York. Supply of crude oil rose as much as 1.4 million barrels to 364 million barrels last week, in the report by the Energy Information Administration yesterday. Analysts have previously estimated to decrease by 2:05 million barrels, according to estimates in a Bloomberg survey. Libyan ship first oil cargo from the port of Ras Lanuf has since closed by the pemberontk a year ago.

 

WTI oil for September fell by 32 cents to $ 97.27 per barrel in electronic trading on the New York Mercantile Exchange, and is currently engaged in a range of $ 97.33 at 8:29 pm pukuk. The contract rose by 0.2% to $ 97.59 yesterday. WTI oil prices have dropped by 1% this year.

 

Gasoline supplies fell by as much as 1:16 million barrels to 212.7 million barrels for the week ending August 8, the EIA said. Previous analysts expect to decline 1.5 million barrels, according to a Bloomberg survey estimsi drawing this median.

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Oil Weekly Decline In Line On Weak Demand

 

Friday, August 15, 2014

 

West Texas Intermediate oil to the decline in four weeks, it will be a decrease in the longest streak since November, on signs of slowing demand. Brent oil traded near its lowest level in 13 months as a threat to oil supplies in Iraq subsided.

 

Oil futures were little changed in New York and London. US Energy Information Administration and the International Energy Agency cut its Paris-based estimates of global demand in 2014 this week. Iraqi Prime Minister Nouri al-Maliki said yesterday that he agreed to leave his office and gave him a clear path for his successor to lead the government. WTI oil will probably fall further in the coming months, on show in a Bloomberg survey.

 

"Report of the EIA and the IEA confirms what is already expected by the market, the short-term outlook where growth still continues to grow but supply not balanced by growth in demand," said Ole Sloth Hansen, an analyst at Saxo Bank A / S in Copenhagen. "If not because of geopolitical concerns, oil prices would be lower than current levels."

 

WTI oil for September move in the range of $ 95.43 per barrel in electronic trading on the New York Mercantile Exchange, down by 15 cents, at 16.30 pm, and preparing ffor a weekly decline of 2.3%. The contract yesterday slipped by $ 2.01 into $ 95.58, it is the lowest settlement level since January 21.

 

Brent oil for October settlement about 9 cents higher at $ 102.16 a barrel on the ICE Futures Europe exchange in London, prepares for a weekly decline of 2.7%. September contract ended yesterday after falling as much as 2.2% to $ 102.01 per barrel, it is the lowest settlement level since the date of June 26, 2013.

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Brent Oil Supply Decline Over Easing Threat in Iraq

 

Monday, August 18, 2014

 

Brent oil fell amid speculation that the threat to oil supplies in the Middle East eased. Meanwhile, West Texas Intermediate oil fell in New York as well.

 

Oil futures fell as much as 0.7% in London, extending a decline to 1.4% in the last week. The Kurdish forces took control of most of Iraq's largest dam in the middle of the United States expand its air force in the campaign to aid the Kurdish soldiers in the face of ISIS in the northern region of Iraq. Production in Libya, which is also a member of OPEC, rising to 540,000 barrels per day over the port, Es Sider prepared to ship crude oil, according to a report from SOE National Oil Corp.

 

"The situation in Iraq is something that the market will think of next," said Ric Spooner, chief analyst at CMC Markets in Sydney today. "That point is, most of the production in Bahdad will survive and there will be no attack to the south, or events that will actually mengggangi oil supply."

 

Brent oil for October settlement fell as much as 72 cents to $ 102.81 per barrel in electronic trading on ICE Futures Europe exchange. The contract rose as much as $ 1.46 becomes $ 103.53 per barrel on August 15. Oil prices have dropped as much as 7.2% this year.

WTI oil for September fell as much as 54 cents, or 0.6%, to $ 96.81 per barrel in electronic trading on the New York Mercantile Exchange. WTI premium to Brent be $ 7.96 in the same month. Spread closed at $ 8.21 on August 15, it was the widest since June 24.

 

Conflict in Iraq, which is the second largest producer in OPEC, has been spared from the southern region, which is home to about three-quarters of the country's production. Iraq to pump as much as 3 million barrels per day in July, according to data compiled by Bloomberg.

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WTI Crude Oil Closed Near Level $ 96

 

Tuesday, August 19, 2014

 

Oil fell on Monday on investor concern the conflict in Ukraine and Iraq begins to subside, and rising Libyan oil output adds to global oil supplies. Oil jumped on Jumta day after the government said the artillery Tantara Kiev Ukraine have damaged Russian armored vehicles. Although the battle between the forces of Ukraine with a group of pro-Russian separatists continue, but fears of further escalation is said to be fundamental.

 

Libyan oil production that were previously disrupted by strikes and protests for months, has risen menjadin 535,000 per barrel on Sunday, said a spokesman for the Libyan oil company. However, production is still far below the 1.4 million barrels per day of Libyan production last year.

 

Oil on Monday closed at $ 96.94 per barrel, with daily highs $ 97.16, and the lowest $ 95.81

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Oil Closed At Lowest Level 7 Months

 

Wednesday, August 20, 2014

 

WTI crude oil fell to a seven-month low as investors sold the oil contracts that expire in September and buy a cheaper contract. Weak demand and easing fears of oil supply disruptions compensate geopolitical risk also put pressure on prices.

 

Conflict in Iraq, OPEC's second largest oil producer, has spread to the south which is producing about three quarters of Iraq's oil production. Iraq in the last month of producing as many as 3 million barrels of oil per day. Meanwhile, the Ukrainian government forces managed to take over one of the four distirk controlled pro-Russian separatists in Luhansk.

 

Oil on Tuesday closed at $ 94.57 per barrel, with daily highs $ 97.05, and the lowest $ 94.26

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Oil Rises For First Time In 3 Days

 

Thursday, August 21, 2014

 

WTI crude oil rose for the first time in three days after data showed crude inventories fell more than expected. Energy Information Administration reported crude inventories fell 4.47 million barrels in the week ended August 15. Analysts had forecast a decline of 1.75 million barrels.

 

Refinery utilization rates rose for the first time in the last five weeks. Crude inventories fell to 362.5 million barrels, the lowest level since February. EIA also reported gasoline inventories rose 585,000 barrels, and distillate oil fell 960,000 barrels.

 

Oil on Wednesday closed at $ 96.40 per barrel, with daily lows and highs $ 94.70 $ 96.47

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Declining Demand, Oil Prices Slip Back

 

Friday, August 22, 2014

 

Crude oil prices weakened and moved in a narrow range Friday, as some market participants consider the technical factors that indicate these commodities have been oversold.

 

Having recorded an increase in the 2 previous sessions, the price of crude oil for delivery in October when it was observed traded at around $ 93.55 or about 0.45% below the closing price on Thursday.

 

"There is no bullish news that specifically state that the ratio of supply and demand has been tightened, but some markets began to discuss the possibility that OPEC will cut production to save the price if this downward trend continues," said Citi Futures analyst Tim Evans.

 

Meanwhile, China's oil demand real reportedly continued to decline in July and to its weakest since January. Decline in demand affects all petroleum products, including diesel and gasoline. Fuel demand in Asian countries a major importer of oil, gasoline and diesel, including Indonesia, India and China, also recorded a sharper decline than expected in the summer of this year, referring to reports Platts

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Brent Oil Supply From Down On The best would be the Middle East; WTI Stable

 

Monday, August 25, 2014

 

Brent oil fell for a second day amid speculation that tensions in the Middle East will not threaten the supply of crude oil. West Texas Intermediate oil is stable in New York after the annoyed technical problems in electronic commerce.

 

Futures contract fell as much as 0.6% in London. Libyan oil production rises despite ISIS militia occupied Tripoli's international airport, in addition to the supply of Iraq is still plagued with struggles in forming a new government. CME Group Inc., which is the world's largest futures market, stop the majority of their Globex platform for about four hours, suspend contracts and commodities including oil.

 

"The Middle East remains volatile but production continues to rise," said Robin Mills, head of consulting at Manaar Energy Consulting and Project Management, Dubai. "Brent is quite weak. Global demand is still sluggish."

 

Brent oil for October settlement fell as much as 64 cents to $ 101.65 per barrel on the ICE Futures Europe exchange and currently only little changed at $ 102.26 this afternoon. The volume of all contracts traded about 62% below the moving average of 100 days. Prices have dropped by 7.8% this year and the contract fell 34 cents to $ 102.29 on August 22.

 

Meanwhile October WTI oil is currently moving in the range of $ 93.70 per barrel in electronic trading on the New York Mercantile Exchange.

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Oil Stuck at Low Level 7 Months

 

Tuesday, August 26, 2014

 

WTI crude oil rose in today's trading, but remained near its lowest level in seven months, before the release of oil inventory data.

 

Based on a survey conducted by Bloomberg, crude inventories are expected to fall by 1.8 million barrels to 360.7 million barrels. Gasoline inventories also fell 1.73 million barrels diperkitakan in the week ended August 22, while the distillate oil is predicted to fall by 300,000 barrels. The American Petroleum Institute will release its oil inventory data today, while the Energy Information Administration will release tomorrow.

 

Oil prices slumped to below $ 95 per barrel for the first time in seven months due naiknnya Libyan and Iraqi oil production, oil refining while the United States is entering a period of treatment may reduce the demand for crude oil. Oil refining in the United States usually enters the maintenance period in September and October, when the refining of gasoline to shift production of fuel for the winter. This makes hedge funds reduced their bullish positions on WTI crude oil to the lowest level in 16 months. Commodity Futures Trading Commission said hedge fund net long position lower WTI oil by 14% in the seven days ended August 19.

 

WTI Crude oil is currently trading around $ 93.57 per barrel, away from daily lows $ 93.32

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Oil Prices Rise Ahead of Inventory Report

 

Wednesday, August 27, 2014

 

Crude oil futures rose on Wednesday terkerek ahead of weekly inventory reports oil reserves of the United States experienced the expected downfall of the supply of crude oil and petroleum.

 

So far the NYMEX oil price for the contract in October rose 0.1% to $ 94.00 per barrel, while Brent crude oil rose 0.3% to $ 102.84.

 

Various analysts estimate the stock of government oil reserves to experience fallout supply by 900,000 barrels last week. Supply of fuel oil declined 1 million barrels.

 

The day before the American Petroleum Institute (API) also reported the fall stock oil reserves of 1.3 million barrels, while stockpiles of gasoline or fuel oil declined 3.2 million barrels. Therefore the movement of oil futures rose moderately supported expectations the fall supply of crude oil and gasoline USA

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Oil prices close flat EIA Report Post

 

Thursday, August 28, 2014

 

Crude oil prices closed relatively flat on Wednesday after a report showed a decrease in gasoline demand in the world's biggest oil consumer, as well as the increase in the storage center Cushing, Oklahoma.

 

Energy Information Administration said crude stockpiles fell 2.07 million barrels last week, beating expectations. However, inventories at Cushing, the delivery point for crude oil futures, rose 508,000 barrels. While the average gasoline demand in the 4-week slump of 1.4% compared to a year ago.

 

Crude oil prices have eroded more than 10% since mid-June and is still stuck in the path towards the second monthly decline following a reduction in US imports and slowing growth in China and Europe

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Oil Stopping Decline 4 Weeks streak

 

Friday, August 29, 2014

 

Crude oil recorded its first weekly gain in 5-week, though still posted a second monthly decline in a row, as the escalation of tensions in Ukraine sparked concerns about the addition to the Russian sanctions. Positive economic data also helped shore up demand prospects 'black gold'.

 

Crude oil prices rose to near $ 96 / barrel on Friday after accusing Kiev Russian troops have entered the territory of Ukraine to support the pro-Moscow rebel. Which intensify the separatist war and exacerbated concerns about the new sanctions targeting the Russian energy sector. European leaders are scheduled to meet on Saturday to consider additional sanctions.

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The OPEC & China Weight Oil

 

Monday, September 1, 2014

 

WTI crude oil traded lower in early September, after the last week managed to post the first weekly gain in five weeks. The rise in OPEC oil production, and a slowdown in China's manufacturing activity, the second largest oil consumer in the world, putting pressure on the movement of oil these days.

 

Bloomberg survey shows OPEC oil production in August rose 891,000 barrels per day to 31 million barrels per day, the highest level in the last tahn. Meanwhile, the Chinese government reported in August index of manufacturing activity slowed to 51.1 sedkiti below estimates of 51.2 and 51.7 the previous month. While HSBC manufacturing activity index of the final report in August was 50.2, slightly lower than the first measurement of 50.3. China's manufacturing activity slowing feared would reduce demand for crude oil from the bamboo tiara country.

 

Oil last week rose 2.5% following a successful apiknya US growth data stoked speculation demand will increase from the largest oil consumer in the world. In addition, the demand for fuel is also expected to rise in the last week after AAA, (the largest automotive group in the United States) estimates that about 29.7 million people plan to travel around more than 50 miles over the Labor Day holiday, the figure is the highest since 2008 .

 

Oil is currently trading around $ 95.57 per barrel away from daily highs $ 95.88

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Oil Prices Decline Prospects Hit By Request

 

Tuesday, September 2, 2014

 

Crude oil prices slipped on Tuesday, as concerns over the new turmoil in Libya muffled by the prospect of weakening consumer demand from some major 'black gold'.

 

Euro zone manufacturing growth slowed slightly exceeded estimates reported in August. While growth in China's manufacturing sector slipped to a 3-month low last month, which added to concerns about the outlook for oil demand growth.

 

On the geopolitical side, the outbreak of a new chaos in Libya potentially dashed hopes of a rise in oil exports that OPEC members. Libyan government says it has lost control of most of the ministries and state agencies located in Tripoli, following the re-rise of the action of armed groups. The violence occurred as the normalization of the North African country's oil terminals, where the output is said to have reached 700,000 barrels per day by the end of last month from 155,000 barrels per day were recorded in May.

 

The focus of the oil market players still can not escape the crisis in Ukraine, where escalating tensions between Ukraine and Russia has prompted the European Union to consider further sanctions on Moscow. Addition of sanctions could potentially trigger a response from the Russian by stopping the supply of natural gas to Europe, which in turn could drive the demand for crude oil as a source of alternative energy

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World Oil Demand Outlook worries

 

Wednesday, September 3, 2014

 

Oil prices collapsed due to the strengthening dollar and worries about the spread of the world's energy demand outlook after weak European and Chinese manufacturing activity. Euro-zone manufacturing sector experienced a slowdown worse than predicted, while China's manufacturing activity fell to a three-month low in July. The continued rally dollar also weighed on the performance of the price of oil. The strong dollar exchange rate tends to negatively impact commodity prices.

 

However, investors still look at the situation in Ukraine and Libya that could affect the outlook of the world's oil supply is. European officials reportedly filed new sanctions to complicate Russian companies access to capital and technology continued after the intervention of Moscow in the region of eastern Ukraine. Meanwhile, Nymex oil is now traded at $ 93.26; away from a daily high of $ 95.85

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Oil Weakens Ahead of Inventory Data AS

 

Thursday, September 4, 2014

 

Crude oil is trading lower ahead of the release of oil inventory data by the Energy Information Administration this evening. American Institute Petroelum previous meirilis oil inventory data fell 500,000 barrels in the week ended August 29, while gasoline and distillate fuel inventories each rose 400,000 barrels.

 

Yesterday naikknya oil rose following oil demand outlook, after the US's economy continues to show further recovery. In addition, sales of vehicles in the United States in August rose 5.5% to reach 17.53 million units, from the previous year at 15.94 million. Sales in August was the highest in August in the last decade, and the highest rate of annual sales since 2006 apiknya sales data is likely to increase demand for fuel oil.

 

WTI Crude oil is currently trading around $ 94.68 per barrel, with daily highs and lows $ 95.25 $ 94.63

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Oil Gains Upper Back Signs US Economic optimism

 

Friday, September 5, 2014

 

West Texas Intermediate oil rose on signs of economic improvement in the United States, which sparked speculation that the increasing demand for fuel.

 

Futures contracts rose by 0.5% in New York before the release of payroll report, which will show the estimated decline in the unemployment rate, it adds evidence of economic recovery, according to a Bloomberg survey. Saudi Arabia may reduce the export of crude oil this month to erode global oil surplus, according to Oil Movements.

 

"Oil demand from the United States seems to be still quite strong after strong recent data on the ISM non-manufacturing and the United States work," said Myorto Sokou, an analyst at Sucden Financial Ltd., in London. "Investors are still cautious ahead of the release of data on non farm payroll."

 

WTI oil for October contract was in the range $$ 94.60 per barrel in electronic trading on the New York Mercantile Exchange, rose as much as 15 cents at 18:23 pm. The contract fell by 1.1% to $ 94.45 at the time of yesterday. Prices have dropped by 3.5% this year.

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Brent Crude Oil Break Below $ 100 For First time

 

Monday, September 8, 2014

 

Oil sharply lower as global economic uncertainties that could dampen demand for commodities.

 

Nonfarm payrolls employment data pecans and remove the reinforcement that was shown by the oil in the previous week. Labor market conditions weaker US showed a slowing economy and oil demand conditions with less potential.

 

Economic outlook in Europe and China, which is the world's largest oil consumer also cause negative effects on the rate of oil demand. Ceasefire agreement in Ukraine also helped reduce the interest of investors in the oil, plus it concerns the Scottish referendum that could cause economic turmoil English so that helped weigh on the pace of demand for the commodity.

 

So far the NYMEX oil price fell -1.16%, to $ 92.20 per barrel, lower than the last closing level pecans $ 93.29. While Brent crude oil for the first time break below $ 100 per barrel, so far traded to as low as $ 99.78, down -1.04% from its previous close at $ 100.82 per barrel.

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Oil Collapsing, Brent and WTI Touch Almost Lowest Level Year

 

Tuesday, September 9, 2014

 

Oil dropped around $ 1 on Monday, with Brent slipping down $ 100 per barrel for the first time in more than a year and West Texas Intermediate oil fell to near its lowest level in 2014, as the data of China and the United States showed slower growth than expected in the country The world's largest consumer.

 

Weak economic growth combined with its abundant supply has pushed the price of oil fell from its highest level in a year above $ 115 are achieved in June, it complicates the efforts of central banks to ward off deflation and put pressure on the budget in the major oil producing countries.

 

Brent oil fell almost $ 1 to $ 100, rebounding slightly from lows earlier at $ 99.36 per barrel, it is the lowest level since May 1st 2013, crude oil fell as much as 63 cents to settle at $ 92.66 per barrel, it is the lowest close since January 14 . Nonfarm payroll data disappoint The United States has made ​​a doubt over the pace of economic growth in the country which is the world's largest oil consumer.

 

Prices fell on Monday after data showed China's import growth is not terdugan down for the second consecutive month in August, China posted the worst performance in more than a year amid sluggish domestic demand.

 

It was the second straight month of weak import growth, increasing concerns over the unstable domestic demand which is currently deteriorating housing market is increasingly weighing on the economy.

 

"Bears are in control," said Bill Baruch, senior market analyst at iitrader.com. "It will be very important to see if the crude oil ended below $ 92.50 on Monday. If we look at it, then it may be a lot of selling. "

 

OPEC informants said that the group will see prices fall far below $ 100 in the short term. Saudi Arabia and other OPEC members have previously said that they would prefer a price above $ 100.

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WTI Oil Thin Gains Ahead of Supply Data

 

Wednesday, September 10, 2014

 

Oil futures edged higher on Tuesday ahead of supply data will show a decrease in the estimate of oil reserves and also because prices rebounded from multi-month lows in the previous session.

 

WTI oil for October delivery rose 9 cents, or 0.1%, to settle at $ 92.75 a barrel on the New York Mercantile Exchange.

 

Rebound comes ahead of the latest weekly report from the American Petroleum Institute, which was released in late trading Tuesday, and also ahead of the report closely monitored from the Energy Infromation Administration on Wednesday night.

 

The report will show a decrease in the estimate of supply is one of the "distraction" that support prices, said Matt Smith, an analyst at Schneider Electric.

 

Crude oil reserves in the estimate will fall 1 million barrels for the week ending 5 September, according to a survey by Platts.

 

Crude oil futures maintain gains even after the EIA on Tuesday morning slightly cut price forecasts for this year and 2015 EIA also predicts that the production of the United States in the next year will be at the highest level in 45 years.

 

In the short-term energy outlook, the EIA predicted that oil futures traded in New York will move in the range of the average $ 98.28 per barrel by the end of this year, compared with an estimated $ 100.45 in outlook Bulah EIA in July. Predictions for next year in the fall to $ 94.67, down from $ 96.08.

 

EIA also predicts oil production in the United States next year will reach 9.5 million barrels per day, which will be the average production since 1970, the largest annual production amounted to 8.6 million in August barrels a day in which it was the highest monthly level since July 1986.

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IEA Back Cut Global Oil Demand Growth Projections

 

Thursday, September 11, 2014

 

The International Energy Agency on Thursday cut its global oil demand growth forecast for the 3rd month in a row, while highlighting the risk of a continued decline in demand for the 'black gold'.

 

In its monthly oil market report, the petroleum institute based in Paris, said global oil demand will grow by 0.9 million barrels per day (bpd) in 2014, 65,000 bpd lower than forecast last month and down 300,000 bpd from the projection in July .

 

According to the IEA, oil demand growth in the 2nd quarter was at its lowest level in 2 ½ years as a result of depressed by the economic slowdown in Europe and China. A trend that is expected to continue to weigh on demand.

 

"Although demand growth is likely to be able to re-gain momentum, the recovery speed is still slower than expectations," the IEA said.

 

For 2015, the IEA also lowered its forecast for global oil demand growth by 100,000 bpd to 1.2 million bpd.

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Oil Prices Towards Decline 2 Weeks streak

 

Friday, September 12, 2014

 

Although able to move away from its lowest level since May 2013, crude oil prices are still on the path to a weekly drop 2nd in a row on Friday as lingering concerns over weakening global demand. That curb some concerns over geopolitical conditions in the Middle East and Ukraine.

 

In its monthly oil market report released Thursday, the International Energy Agency said that if weakening demand in China and Europe have led to global oil demand growth slowed with incredible speed. On the same day that Russia warned the United States air strikes against Islamic militants in Syria, without the mandate of the UN Security Council, would be an act of aggression. Which is likely to lead to new tensions between Moscow and the West.

 

While on Friday the European Union has imposed new sanctions tougher on Russia, which target several state-owned enterprises and individuals. USA reportedly will also soon release additional sanctions that will restrict access of large banks in the Russian financial market.

 

Oil market participants are also still waiting for Iran's development of the negotiation process with six major world powers over its nuclear program, which will reach the deadline in late November.

[mynameisandhy]

Factors Supply Demand Still Press Oil Price

 

Monday, September 15, 2014

 

Oil prices continue the downward trend in the data released on Monday after industrial production and retail sales from China were boosted fears of oil demand of the country's second largest oil consumer of the world.

 

Also in the United States, industrial production report also dropped to its lowest level since February, so the Nymex oil futures for October contract fell to $ 91.34 per barrel, before finally reflected to the level of $ 92.29 per barrel so far. In kseeluruhan price of oil has fallen about 14% since mid-June.

 

From the supply side, the production rate in the United States, Libya and Iraq also increased so that the oil supply is still very fulfilled while increasing the level of demand slowing, especially in Europe and China. This supply-demand fundamentals still be the main factor that drags oil prices.