TELETRADER News
7/15, 9:08 PM (Source: TeleTrader)
more TeleTrader news

Oil falls as US tropical storm weakens

Prices of contracts for the delivery of crude tumbled on Monday and extended losses toward late in the session, reaching the lowest levels since July 10. Market participants were factoring in smaller damage than feared from a tropical storm which made landfall in Louisiana two days before. Hurricane Barry was downgraded just a few hours after the National Hurricane Center declared the status, reducing concern about a potential impact on oil production in the Gulf of Mexico.

In other news, China reduced purchases of the commodity and its economic growth weakened to the lowest level in at least 27 years, increasing bets on a global slowdown. The drop in oil was limited due to ongoing tensions between Iran and the United States but also souring relations with European partners in the nuclear deal which enabled the abolishment of international sanctions in 2016.

West Texas Intermediate for shipment next month dropped 1.28% to $59.44 per barrel at 8:57 pm CET after a dip to as low as $59.36. Brent for settlement in September lost 0.91% to $66.39 for one barrel. Earlier it touched $66.23.

Breaking the News / IT