Oil prices decline on rising United States stockpiles

Saudi Arabia reins in oil production as demand forecasts waver

As slowing growth is negative for crude oil demand, the commodity tends to weaken during global downturns.

Futures fell as much as 0.7 percent in NY on Monday. In the US, demand growth halved from the first to second quarter of this year.

The OECD's composite leading indicator, which covers the western advanced economies plus China, India, Russia, Brazil, Indonesia and South Africa, slipped below trend in May and June.

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016.

"It's a strong dollar situation".

"It is possible that it is the Syncrude return that has added to barrels", said Bob Yawger, director of energy futures at Mizuho. Worries that a bear market in emerging economies would lead to lower demand also weighed on prices.

USA production growth in 2018 is now expected to rise by 1.69 million barrels a day, down by 10,000 from last month's forecast. Turkey's central bank pledged to "take all necessary measures" to bolster the financial system, lowering the amount commercial lenders must park at the regulator and easing rules governing lira and foreign-currency liquidity. US light crude fell $1.02 a barrel to a low of $66.02, before recovering slightly to around $66.30, down 74 cents. Total volume traded was about 42% below the 100-day average.

Front-month Brent crude oil futures were at $72.57 per barrel at 0702 GMT, down 24 cents, or 0.3 percent, from their last close.

Meghan Markle’s mum Doria Ragland is ‘moving to the UK’
She also met Queen Elizabeth II, Harry's grandmother, while having tea at Windsor Castle with her daughter and future son-in-law. He said Prince Harry was "absolutely right" to challenge him but because he was so "rude" he slammed the phone down.

The cartel said OPEC production in July, as reported by secondary sources, rose month over month by 41,000 barrels a day to a daily average of 32.32 million barrels. The group also lifted forecasts for supply from rivals for the rest of the year. Under the production cuts initiated in January, Saudi Arabia's quota is 10.058 million barrels a day.

Crude oil prices just posted their longest losing streak in three years, registering six straight weeks of declines, and one veteran oil watcher says there could be much more volatility ahead.

The currency has lost about a quarter of its value against the dollar since the USA sanctioned two ministers in President Recep Tayyip Erdogan's government in a spat over the continued detention of an American pastor in Turkey, pushing the economy toward a full-blown financial meltdown.

Gasoline futures fell 0.5 percent to $2.0293 a gallon.

Official U.S. oil inventory data was due to be published later on Wednesday by the Energy Information Administration.

With assistance from Tsuyoshi Inajima, Sharon Cho and Ellen Milligan.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone.

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