Oil prices fell slightly during trading today, Friday, amid expectations of more monetary easing in China and despite concerns about further monetary tightening in the United States and Europe.
UBS expects, in a note, a supply deficit in the market of about 1.5 million barrels per day in June, and more than two million barrels per day in July, and that as soon as that deficit appears in oil stocks, prices may tend to rise.
Data released yesterday showed that the productivity of oil refineries in China increased by 15.4% in May on an annual basis, recording the second highest total level ever.
Brent crude futures for August delivery fell 0.25%, or 19 cents, at $75.48 a barrel, at 08:02 am Mecca time.
US crude futures for July delivery also fell 0.2% to $70.48 a barrel, after rising by about 3.4% in the previous session.
Source: National Iraqi News Agency