Oil prices fell yesterday, extending the impact of the limited gains previously recorded prices, when expectations of sluggish demand faced hopes of support for major producers of prices by reducing oil production.
Brent crude futures were down 48 cents, or 0.8 percent, from the last settlement to $ 58.09 a barrel. US West Texas Intermediate (WTI) crude futures were down 41 cents, or 0.8 percent, from the previous settlement to $ 54.52 a barrel.
Saudi Arabia, the largest oil producer in the Organization of Petroleum Exporting Countries (OPEC), said late last week that it plans to keep its crude exports below 7 million barrels per day in August and September, to help the discharge of global oil stocks.
Analysts expect the kingdom to support prices ahead of plans to launch Saudi Aramco, which could be the world's largest initial public offering.
OPEC and its allies, or the group known as OPEC Plus, have agreed to reduce oil production by 1.2 million barrels per day since January 1, 2019, but a significant increase in US shale oil production continues to discourage efforts to reduce the glut of global supply, which negatively affects On prices.
Oil prices have also fallen on gloomy outlooks for the global economy and growing demand for oil amid escalating trade disputes between the United States and China.