Brent crude oil for September dropped by more than $1.70 to settle under $62/bbl in London on July 18 while the light, sweet crude oil contract for August dropped nearly $1.50 to settle under $56/bbl in New York on July 18.
Both benchmarks declined to their lowest front-month contract settlement since June 19, Dow Jones Market Data showed.
News of higher Russian oil production helped pressured prices downward. Russian Oil Minister Alexander Novak recently said, “Production has been restored” after Russia’s oil output dropped to a multiyear low in June, said Tyler Richey, co-editor of Sevens Report Research.
Light, sweet crude oil on the New York Mercantile Exchange for August delivery fell $1.48 to $55.30/bbl on July 18 while the September contract declined $1.50 to $55.42/bbl.
NYMEX natural gas for August fell 1￠ to a rounded $2.28/MMbtu.
Ultralow-sulfur diesel for August dropped 3￠ to a rounded $1.86/gal. The NYMEX reformulated gasoline blendstock for August decreased 4￠ to a rounded $1.83/gal.
Brent crude for September dropped $1.73 to $61.93/bbl. The October price decreased $1.60 to settle at $61.59/bbl.
The gas oil contract for August fell $14 to $569/tonne on July 18.
The average for the Organization of Petroleum Exporting Countries’ basket of crudes was $63.10/bbl on July 18, down $1.50.