Oil is poorly cheaper

Prices for oil reference stamps are decreasing at the bidding on Tuesday against the background of concern regarding the instability of oil demand after the release of data on the fall of China’s imports to a five-month minimum in May.

Traders also expect the outcome of negotiations between Iran and the world powers in Vienna on the nuclear agreement, which will begin on Thursday. The transaction can lead to an increase in Iran’s production by 500 thousand barrels per day, but many analysts do not count on reaching an agreement before the presidential election in the country next week, writes Trading Economics.

The cost of the August Futures on Brent Oil on the London Stock Exchange Ice Futures is currently $ 70.96 per barrel, which is $ 0.53 (0.74%) below the price of closing the previous session. According to the results of trading on Monday, these contracts fell by $ 0.4 (0.6%) – up to $ 71.49 per barrel.

The price of WTI oil futures for July at the electronic trading of the New York Commodity Exchange (NYMEX) is $ 68.75 per barrel, which is $ 0.48 (0.69%) below the final value of the previous session. To close the market on Monday, the cost of these contracts decreased by $ 0.39 (0.6%) – up to $ 69.23 per barrel, earlier during the trading WTI touched a session maximum of $ 70 per barrel. The last time the quotes were at this mark or higher in October 2018, according to FactSet.

According to data published on Monday, China in May imported 9.69 million barrels of oil per day, which is 14.6% lower than a year earlier. In April, imports amounted to 9.86 million b / s.