Oversupply weighs on prices

摘要

Oil prices fell, under pressure from a global crude surplus, exacerbated by indications of slowing Chinese apparent demand growth. Atlantic basin benchmark North Sea Dated dropped by $2.09/bl to $53.86/bl in the week to 30 July, while US marker WTI was little changed at $48.52/bl. A larger-thanexpected 4.2mn bl fall in US crude stocks in the week to 24 July supported WTI. The prospect of slimmer Chinese demand growth coincides with plentiful US, Saudi and Russian supplies. And US crude stocks remain more than 92mn bl above this time last year.