Crude oil futures prices fell to multi-month lows Wednesday, as US weekly inventory data showed a slight increase in crude oil production, and the president urged Members to support Iran's nuclear agreement.
New York time at 13:30 on August 5 (Beijing time on August 6 日 2:30), NYMEX September crude oil futures contract fell $ 0.59, or 1.3 percent, to settle at $ 45.15 a barrel, the lowest since March 19 close in. The contract fell below $ 45 a barrel in intraday trading.
Brent crude oil futures fell $ 0.40, or 0.8 percent, to settle at $ 49.59 a barrel.
US government data showed a slight decline in oil production in April and May after peaking in March. But Wednesday's weekly report, oil production increased by 5.2 million barrels last week / day to 9.5 million barrels / day.
US Energy Information Administration (EIA) said Wednesday that crude oil inventories fell more than expected last week, the fastest pace for several years because the refinery to process crude oil oversupply. But gasoline and other refined oil inventories rose, suggesting that demand is insufficient to absorb the excess supply on the market.
"Refinery refining accelerate the pace of oil products it is not even more?" Donald Morton Herbert J. Sims & Co. senior vice president.
"Strong demand ...... refineries are busier now output exceeds demand."
EIA said gasoline stocks rose 800,000 barrels last week, down 60 million barrels analysts expected.
September gasoline futures fell 1.47 cents, or 0.9%, reported $ 1.6705 a gallon, the lowest closing level since February.
Last week, including heating oil and diesel fuel, distillate stocks rose 700,000 barrels, 1.6 million barrels analysts expected to increase.
September diesel oil futures fell 0.9 cents, or 0.6%, reported $ 1.5385 per gallon.
"The situation is serious excess supply essentially unchanged," energy consultancy Ritterbusch & Associates said in a report.
"We believe today's data showed crude oil inventories fell more than expected is not important, because the huge excess supply is turning into surplus crude oil supply."
US President Barack Obama delivered a speech on Wednesday in support of the Parliament is currently being audited Iran nuclear deal. The agreement in recent weeks, dragged down oil prices, as traders expected cancel the sanctions will lead to significant increase in Iran's oil production.