World oil prices drop
Read on the website Vestnik KavkazaWorld oil prices are dropping as a result of high US oil reserves and business activity in China, RIA Novosti reports.
July futures for WTI (Light Sweet Crude Oil) in New York at 9.03 am dropped by $1.1 (1.36%) to $80.34 per barrel. August futures for Brent dropped by $0.54 (0.58%) to $92.15 per barrel.
US commercial oil reserves increased by 2.86 million barrels (0.7%) to 387.3 million on June 15. Analysts expected a drop by 1.3 million barrels.
Jonathan Barratt, Director General of Barratts Bulletin says that oil demand continues to drop.
The PMI index shows that industrial business activity in China dropped from 48.4 points in May to 48.1 points in June.