It was reported that the benchmark crude oil price rose moderately in New York on July 8, but fell in London. Prices of light and low-sulfur crude oil in the United States rose before world oil demand, U.S. oil production and OPEC’s monthly report.
The short-term energy outlook of the U.S. Energy Information Administration (EIA) is scheduled for July 9, and the monthly OPEC oil market report is scheduled for July 11. Traders await the oil market report of the International Energy Agency (IEA) on July 12.
EIA’s Oil Situation Report shows that the United States produced 12.2 million barrels a day in June.
Baker Hughes said the number of oil rigs in the United States dropped to 788, down from 888 in November 2018. The latest number of rigs was announced on July 3 due to the Independence Day holiday in the United States.
On July 8, the price of light, low-sulfur crude oil delivered on the New York Mercantile Exchange in August rose 15 cents to $57.66 a barrel. Contract prices rose 17 cents to $57.76 a barrel in September.
Natural gas prices on the New York Mercantile Exchange fell nearly 2 cents in August to $2.40 per million British heat units.
In August, the price of ultra-low sulphur diesel fell by one cent to $1.89 a gallon. New York Mercantile Exchange restructured gasoline blend prices fell 3 cents to $1.90 a gallon in August.
Brent crude fell 12 cents to $64.11 a barrel in September. In October, prices fell 2 cents to $63.82 a barrel.
July’s gas and oil contracts rose $2.50 to $579.25 a ton on July 8. On July 8, the average price of OPEC crude oil rose by $1.17 to $64.72 a barrel.