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- Oil lower in today’s trading
Oil lower in today’s trading
Oil prices fell as markets continue to show a decline in the unexpected results of the referendum in the UK, which led investors turn to safer assets.
On Friday, the contracts fell at the fastest pace since February - about 5%.
But on Monday, prices have stabilized, as market analysts argue that Brexit would have little impact on the levels of supply and demand on the world market.
Oil demand from the UK is less than 2% of the global demand.
On Friday, Baker Hughes said that the number of drilling rigs in the US fell for the first time in four weeks.
Increasing the number of drilling rigs in recent weeks intensified fears that the price of oil at $ 50 a barrel could push US producers to increase production volume and increase the already excessive supply of oil on the world market.
However, some analysts have warned that the global market is still oversupplied and prices could fall in the coming months.
The cost of the August futures for US light crude oil WTI fell to 46.32 dollars per barrel.
The price of August futures for Brent fell to 47.05 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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