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Brent crude oil fell to $ 46.5 per barrel

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Brent crude oil fell to $ 46.5 per barrel

Brent crude oil fell to $ 46.5 per barrel
July 11
10:30 2016

Oil is falling in price on Monday. It was falling by more than one percent during the trading session. This is a reaction to the signs of decreasing in fuel demand in the Asian market and the week’s data about the number of drilling rigs in the United States.

At the weekend Baker Hugers announced the increase in the number of operating oil rigs in the United States by 10 to 351 the previous week. This confirms the stable state of the US oil industry even under the price below $ 50 per barrel.  The total number of the world’s operating rigs also increased in June if compared with May.
Japan made a statement about the sudden reduction in the number of orders in the engineering industry. Market participants report that Iran has lowered the prices for its raw materials in the Asian market in relation to the previous month prices due to low demand from refineries in the region.
At the weekend the Minister of Energy of Saudi Arabia Khalid al-Falih said that the oil market was becoming more balanced in terms of supply and demand.
The price of futures contracts for Brent crude oil for September at the London Stock Exchange has decreased by 0.4% – to $ 46.56 per barrel to the beginning of the day.
The cost of the August futures for WTI oil has fallen by 0.5% – to $ 45.17 per barrel on trading at the New York Mercantile Exchange by that time.

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