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International benchmarks for oil prices moved lower on Wednesday (10 August) on disappointed US commercial crude inventories data and Saudi Arabia’s record oil production. The EIA reported an increased in the US total crude oil and refined products by 2.5 million barrels in the week ended 5 August, and also raised its forecasts for U.S. production this year and next year. Meanwhile, Saudi Arabia pumped near to 11 million barrels in July as it focuses on gaining market share.

WTI closed at $41.71/barrel (-$1.06) September delivery

Brent closed at $44.05/barrel (-$0.93) September delivery