Oil prices slipped on Monday

International benchmarks for oil prices shrugged off the attempted coup in Turkey over the weekend to move lower on Monday (18 July), as a glut of refined product including gasoline triggered worries that refiners might pull back on crude purchases, especially as the autumn maintenance season is no too far away. Despite high demand from driving season and supply outages, commercial stockpiles keeps building up, which analysts are expecting to lead crude prices down. Industry experts are seeing insufficient demand to soak up supply as most of the demand growth has been in natural-gas liquids and other lighter petrochemicals that don't drive demand for crude.

WTI closed at $45.24/barrel (-$0.71) August delivery

Brent closed at $46.96/barrel (-$0.65) September delivery