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International benchmarks for oil prices moved lower on Thursday (7 July) after data from the US Energy Information Administration showed less than expected drop in crude commercial inventories. Many analysts believed market has over reacted to the data and neglected the bullish factor that US production declined by 194,000 barrels a day last week to 8.4 million barrels a day. Stronger UD dollar also blamed to have weighted down oil prices.

WTI closed at $45.14/barrel (-$2.29) August delivery

Brent closed at $46.40/barrel (-$2.20) September delivery