Concerns about weakening demand in China grow, as well as the prospects of many years of global oversupply.
Besides the production of the United States and the Organi loan credit insurance zation of Petroleum Exporting Countries (OPEC), the return of Iran to the oil market, after sanctions on the country were suspended, puts even more oil on the market.
For BMI Research, a sub loan credit insurance sidiary of Fitch Group, the excess supply will remain until 2018.
Quotations
At around 10:40 am (GMT) in London, a barrel of Brent retreated 0.21% totaling US $ 48.64.
In New York, a barrel WTI, for delivery in September, advancing 0.45% to US $ 42.06, reversing the recent decline.
Written by Sergio
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