Crude prices start week lower
On Monday, crude prices tumbled during early Asia trade following fear that the global oil supply is going to keep outpacing demand after some of the recent crude supply disruptions were overcome.
In New York sweet, light July delivery crude futures traded at $48.19 per barrel, thus demonstrating a 0.5% sink. July Brent oil futures dropped 0.4%,trading at $48.53 a barrel.
Recent supply outages in Africa and America have been mostly responsible for the recent surge in crude prices. Now as some of those output disruptions are being successfully neutralized, more and more traders are shifting their focus back on the rise of global crude supply.
Crude markets keep watching further development with the recent Canadian wildfires. The urgent evacuation of some crude output sites has been already lifted.
Obviously, lifting of that evacuation order on Friday, enables Suncor Energy Inc. as well as its Syncrude subsidiary to timely reopen two their key oil-sands output complexes, which have been shut down for about two weeks.