The weakening of oil prices Continues in Europe
Oil prices continue their decline this evening after a report showed the United States reserves surged last week, with analysts warned of weakening further in the future.
Ahead of the release of an official report of the u.s. Government, the American Petroleum Institute (API) said reserves increased by 2.3 million barrels last week.
The benchmark us light sweet crude oil type or West Texas Intermediate (WTI), the contract for September delivery, as reported by AFP, down 58 cents to US $ 50,28 per barrel.
Meanwhile, crude oil Brent North, the global benchmark, to contract deliverables September weakened 35 cents to US $ 56,69 a barrel in afternoon trade, London. Both these contracts equally weakened in early trading Sunday closings in New York and this evening in the Asian market.
"Oil prices were still under pressure because of a flood of supply persist," said Bernard Aw, analyst from IG Markets, in Singapore.
The Energy Information Agency official data released today, said Aw, "will be monitored closely, although the problem of a flood of supply is estimated to remain any longer."
The price of oil plummeted from a level of US $ 100 per barrel on Junia last year, driven to the high U.S. production and Oil Exporter countries (OPEC), causing the supply exceeds the demand.
Concerns about Iran oil return to the market after the deal with the world's major powers related to nuclear ambitions Tehran also adds to the pressure on prices.
The deal — which was intended to prevent Iran developing nuclear weapons — allows the lifting of economic sanctions against Tehran, so could normalize its oil exports again.
The strengthening greenback, boosted expectations of a rise in U.S. interest rates, according to analysts is also pressuring oil demand dihargakan in the dollar, thus pushing prices lower again. https://www.mql5.com/en/signals/120434#!tab=history
