Oil prices inched down on Thursday

International benchmarks for oil prices continue to move lower on Thursday (28 July), as there is no positive news that diverts market focus away from the high gasoline stockpiles. Analysts are saying that expectations of a more balanced supply-demand seem to be evaporating and demand for crude would decline in the near term as refiners might cut operation rate amid abundant refined product supplies.

WTI closed at $41.14/barrel (-$0.78) September delivery

Brent closed at $42.70/barrel ($0.77) September delivery