Oil prices slipped on Tuesday

International benchmarks for oil prices moved lower on Tuesday (9 August) after the EIA raised their forecast on US production output while market grow sceptical that the OPEC meeting next month would end with any production caps. In its short-term energy outlook report, the EIA said that US production output is et to fall slower than expected with the number of active oilrigs in the country has risen for six straight weeks, stirring market expectation of a more stable output from the USA in the coming months. Market is also awaiting US crude inventories report on Wednesday.

WTI closed at $42.77/barrel (-$0.25) September delivery

Brent closed at $44.98/barrel (-$0.41) September delivery