Oil rose slightly on Tuesday due to the lower dollar rate against other world currencies, but market participants are pessimistic about the further price increases against persistent oversupply.
The Brent price fell to the lowest level in three months on Tuesday. Oil fell by 15% vs. the early June peak.
The September Brent futures at the London’s ICE Futures Exchange were $ 44.82 per barrel by 8:00, which is 0.2% higher than the previous session level. The cost of the September futures contract for WTI crude oil at the New York Mercantile Exchange (NYMEX) has risen by that time by 1 cent – to $ 43.14 per barrel.