On Friday oil quotes are still heading downwards. Brent at 11:30 EET was selling for $56.95 a barrel and WTI with August delivery was going for $50.85. By last week’s close, North Sea oil on August contracts was at $56.97 per barrel and the price of light crude was $50.94.
Oil quotes are slowly crawling downwards, the fundamental factors haven’t changed and there are no factors for oil growth. Investors are still waiting for the official publication of the Iran-G6 agreement. It’s likely that this will take place by the end of the month. Despite the fall in US oil reserves and Chinese data being up, nothing has really changed on the oil market. The imbalance between demand and supply is still there.
Over the course of the day, Brent will be looking to head to $56.5 a barrel and WTI - $50.5.