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Oil fell under the effect of a global supply
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Oil prices fell on Wednesday, influenced by the prospect of an increase in global production and by the unexpected increase in American stocks. Brent of the North Sea barrel for delivery in October finished at $ 65.63, down 0.74 %. The West Texas Intermediate (WTI), an American reference for delivery in September, lost 0.82 % to 62.65 dollars.
According to the American Energy Information Agency (EIA), global production is growing faster than demand, which could lead to a drop in prices. The International Energy Agency (IAI) has also noted its supply growth forecasts, citing the increase in OPEC quotas and its allies. The United States, oil trade stocks increased by approximately 3 million barrels over the week of August 8, while analysts were tabling on a decline of around 912,000 barrels. For John Kilduff, of Again Capital, this unexpected increase contributes to the drop in prices and could be accompanied by a slowdown in petrol demand as the end of the summer.
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