Oil resumed downtrend on Monday

International benchmarks for oil prices returned to its downward course Monday (1 August) after a blip in an earlier trading session. Traders are extending their attention on the possibility of growing inventories in the near term as production by the OPEC was near record high in July, and Canadian producers have come back after wildfires that disrupted production in the previous months. Meanwhile, there are also signs that US production is edging up as well. For this, analysts are expecting market to take longer time for the prices to gain sustainable increases.

WTI closed at $40.06/barrel (-$1.54) September delivery

Brent closed at $42.14/barrel (-$1.39) September delivery