Oil prices slipped on Thursday

International benchmarks for oil prices moved lower on Thursday (21 July) as growing refined products inventories weighted down on market. Traders are anticipating that the end of the driving season in approaching and demand usually fades. That could be a troubling sign since gasoline stockpile has grown to record high even amid peak demand season. In spite of the fact that refineries are showing no signal of cutting operation rate in the latest report from the government, analysts think gasoline prices having fallen so close to oil, the profit margins don’t support high run rate, which very likely to send price down again.

WTI closed at $44.75/barrel (-$1) September delivery

Brent closed at $46.20/barrel (-$0.97) September delivery