WTI fell by 3.7%
Oil price is moving to the lowest levels in a week on Tuesday as China released data showing a 13% decline of oil import in comparison with July reading.
Brent futures with October delivery dropped this morning at ICE futures in London by 0.4% to $47.82 a barrel. WTI futures with the same delivery term slid by 3.7% in America to $44.32 a barrel.
Note that in the past few weeks we see significant changes at the oil market, which reflect the excess of global supply and the situation in China. In the United States alone oil inventories by 100 million barrel exceed the average level of this period in the previous years. OPEC nations don’t plan to reduce oil production which may soon reach record highs.