According to investing, crude oil prices fell to their lowest level in 10 weeks, as the end of the peak season in the US focused the market's attention on a worsening supply / demand balance.
Prices had already fallen on Monday after Saudi Arabia cut official sales prices for all of its major export specifications to Asian customers. This, in turn, occurred in a data scenario showing a sharp slowdown in the purchase of oil by Chinese importers in August. Independent refineries, in particular, took advantage of the second-quarter price collapse to buy in bulk in July.
At 9:04 am, the WTI oil futures contract, traded in New York, was down 5.93% to $ 37.41 a barrel. The Brent oil futures, quoted in London and international price reference, already lost 3.78%, to US $ 40.42 a barrel.
The American Petroleum Institute's weekly report on U.S. oil stocks, which typically falls on a Tuesday, is one day late due to the holiday weekend.