Oil slipped on Tuesday

International benchmarks for oil prices continued to move lower on Tuesday (19 July), touching the lowest level since May 9 on growing concern over excessive supply of refined product. Analysts are warning about potential falling crude prices in the coming days as weaker gasoline values might force refiners to cutback their crude purchases while the autumn maintenance season is just two months away. Besides, increasing output from Iran might offset the decreasing output in the US. Market is waiting for the EIA to release US commercial crude inventories on Wednesday.

WTI closed at $44.65/barrel (-$0.59) August delivery

Brent closed at $46.66/barrel (-$0.30) September delivery