Oil prices pull down slightly Friday morning.
Brent September oil falling 0.1 percent to $ 49.18 a barrel, while WTI oil was down 0.5 percent to 42 dollars a barrel.
In comparison, the Brent oil traded around $ 49.60 at closing in Oslo yesterday.
WTI oil so incidentally 41 century in yesterday’s trading – for the first time since March 2009 .
IEA wrote in his August report released earlier this week that the world awash with oil and put it as that “oil stocks bulge in a breakneck pace.”
Growth in oil supply exceeded actual consumption by as much as three million barrels per day in Q2, mostly since 1998.
– It is increasingly the supply side that causes the biggest worries. OPEC reports of increased production weigh oil price clearly, while the focus has shifted over to China’s growth, says chief strategist Michael McCarthy at CMC Markets in Sydney to Bloomberg.
Oil prices are thus likely to his seventh consecutive week with case – the heaviest period since January this year.
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