This week oil prices have followed mixed trend. On Thursday, Brent crude fell as concerns about mounting supply returned after a brief rally on comments that Saudi Arabia's exports would fall in August. Crude also strengthened on forecasts that inventories at the U.S. oil delivery hub for WTI in Cushing, Oklahoma fell 1.8 million barrels, or 6.2 percent.
On Thursday, closing crude values have remained mixed. WTI on NYME closed at $69.46/bbl; prices have increased by $0.70/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.32/bbl in compare to last closing price and was assessed around $72.58/bbl.
As per report, Saudi Arabia expects its crude exports to drop by roughly 100,000 bpd in August as the kingdom limits excess production.
As per report, Saudi Arabia's crude oil exports in July would be roughly equal to June levels. Despite international oil markets being well balanced in the third quarter, there would still be substantial stock draws due to robust demand.
