8/7/2019, 3:35 PM (Source: TeleTrader)
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Brent nears 2019 low on signs of slowing economy

Fears of competitive devaluation in currencies on a global level worsened the outlook for global trade and oil demand on Wednesday and benchmark futures tumbled, looking to finish in the red for the third time in a row. Brent for settlement in October fell to $57.31 per barrel, the lowest mark since January 8, amid worldwide market volatility. The drop came just before the weekly update from the United States Department of Energy on domestic commercial inventories. The American Petroleum Institute estimated they were reduced by 3.43 million barrels in the week through August 2 but the update failed to underpin prices.

West Texas Intermediate crude for delivery next month tumbled 2.57% to $52.25 per barrel at 3:24 pm CET. Earlier it fell to $52.1 for the first time since June 18. Brent bled 2.39% to $57.53 for one barrel.

Breaking the News / IT