Oil slid for the second session in a row on rising global crude stockpile
International benchmarks for crude oil settled lower on Monday, 22 July, following an analysis report from StoneX that revealed an increase in global petroleum inventory last week.
Oil prices slid for the second consecutive session as rising global crude stockpiles weighed on the market. International benchmarks for crude oil settled lower on Monday, 22 July, following an analysis report from StoneX that revealed an increase in global petroleum inventory last week. Additionally, the surprise interest rate cut by the People’s Bank of China failed to boost sentiment in the world’s largest oil importer.
Brent futures fell 23 cents, closing at $82.40/barrel.
WTI contracts for August delivery expired on Monday after losing 35 cents, settling at $79.78/barrel.
Written by: Rochelle Nguyen