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    06.07.2016 15:49 The price of oil dropped about 1%

    06.07.2016 15:49

    Oil quotes are down for a third day, in response to uncertainty about the prospects for consumption due to weak demand from the oil refining companies, as well as a potential slowdown in economic growth after the decision of the UK to leave the EU.

    In the United States, a record demand for gasoline from drivers failed to make much impact on the global surplus of gasoline, which has a negative impact on the profitability.

    In focus were also reports that the Norwegian oil workers on Wednesday night broke off negotiations on wages. Industry Energy union said that there is a discussion of the further strategy, the parties are open to negotiations, but the possibility of a strike is not excluded.

    Investors are also awaiting the US petroleum inventories data that this week will be publised one day later than usual because of the celebration of Independence Day on Monday. The American Petroleum Institute will release its inventories report today, while government data will be released on Thursday at 15:00 GMT. Analysts expect the US Energy Department report tomorrow to show a reduction of oil reserves by 2.5 million barrels.

    "Oil is once again testing key support levels and report on petroleum inventories in the US will be the next important event. Particular attention will be focused on the change in stocks of gasoline." - Ole Hansen commodity strategist at Saxo Bank said. Meanwhile, Petromatrix analysts said that if WTI crude oil will overcome the level of $ 45.8, the next support is located at the $ 43 level.

    The cost of the August futures for US light crude oil WTI fell to 46.43 dollars per barrel.

     

    The price of August futures for Brent fell to 47.92 dollars a barrel on the London Stock Exchange ICE Futures Europe.

     

     

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