Brent and West Texas Intermediate crudes are poised for the lowest close in more than five years after Saudi Arabia offered its oil customers in Asia the biggest discount on record, signaling it’s defending market share.
Less than 24 hours after heads of state gathering in Brisbane, Australia, agreed to take measures that would boost their economies, the Cabinet Office delivered news in Tokyo that Japan’s gross domestic product unexpectedly shrank an annualized 1.6%.
Above-normal temperatures will sweep from Texas to the Northeast through Sept. 10, according to MDA Weather Services. Gas stockpiles last week probably rose by more than the five-year average for the 19th straight week
West Texas Intermediate oil fell as investors sold September crude before expiration and purchased cheaper contracts for future delivery. Brent was little changed after falling yesterday to the lowest level in almost 14 months.