Oil prices were mixed on Monday having managed to recoup some prior losses as investors were assessing global economic pressures that could affect the overall oil demand.
Brent crude oil futures went down by 0.07 percent, to $59.38 per barrel by 7.36 GMT, while U.S. WTI crude oil future contracts with delivery in December gained 0.11 percent, to $53.93 per barrel.
One should recall, that Saudi Arabia increased in August oil output by 2.2 percent to 9.789 million barrels per day from 9.58 million in July. But in the light of subsequent events, it is extremely important, that the crude production dropped by 6 percent at annual rate.
Nevertheless, Saudi Arabia managed to keep export volumes in August at the level of July and namely at 6.88 million barrels per day, whereas in comparison to August 2018, the indicator fell by 4.6 percent.
Meantime, Iraq increased oil exports by 2 percent in August compared to July’s figure of a 1.2 percent increase to 4.08 million on annual basis. Oil production in the country grew by 0.7 percent for the month to touch 4.65 million, while the same period of the prior year it was registered a 4.3 percent rise..
Venezuela’s crude output in August rose to 933 thousand from 906 thousand in July. A year earlier, the figure was 1.488 million.
The United States increased oil production by 4.8 percent, to 12.374 million barrels per day in August, compared with 11.806 million a month earlier, according to preliminary estimates. At the same time, over the year the indicator jumped by 8.9 percent, from 11.361 million.