NYMEX and Brent descend in Asia
On Tuesday, crude prices dipped further in Asia ahead of American industry estimates of crude as well as refined product stocks the previous week. `
In New York, August delivery crude futures sagged 0.33%, trading at $45.79 a barrel. In London, September delivery Brent crude futures went down 0.21%, hitting $46.86 per barrel.
Later the American Petroleum Institute will issue its figures for crude as well as refined products in America followed by more closely-watched data published by the US Department of Energy on Wednesday.
Overnight, crude prices dipped abruptly in North American trade, reversing towards two-month minimums amid apparent signs of an everlasting revival in American drilling activity.
Market participants also digested news of Turkey’s failed coup over the weekend, which eased worries over a probable disruption to supplies from this region.
Last Friday, Baker Hughes, oilfield services provider told that the previous week the overall number of rigs drilling for crude oil in America soared by 6 to 357, the third straight weekly revenue and the sixth surge for seven weeks.