US oil prices have taken a further fall following a 6% drop in Chinese stock markets.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

North Sea Brent stood at $48.39 a barrel, down 35 cents, while the US crude futures were 35 cents weaker at $41.52 a barrel, Reuters reported.

Due to a weak yuan against the dollar, Chinese stocks tumbled and added to concerns that Beijing may further devalue the currency.

"Fundamentals suggest downside risks still remain in key markets, particularly iron ore and crude oil, in the months ahead."

The move is expected to decrease consumption and import levels of the world’s largest energy consumer.

ANZ bank expects an increase in the US stockpiles in coming months as refiners reduce operations for maintenance.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
See Also:

The bank told the news agency: "Fundamentals suggest downside risks still remain in key markets, particularly iron ore and crude oil, in the months ahead."

A further fall in US prices may benefit many oil traders as they are positioning themselves to profit from it.

A survey conducted by Reuters on Monday showed that last week, commercial crude oil and gasoline inventories in the US slipped while distillate inventories witnessed an increase.

BMI Research anticipates that oil prices will remain under pressure until 2018 and supply growth for the next two years is likely to exceed the expansion in global consumption.