Slowdowns in China and India eat away at Asian oil demand

Saudi Arabia reins in oil production as demand forecasts waver

In refined products, analysts polled by Platts were looking for U.S. gasoline inventories to have declined by 1 million barrels the week ending August 10 and distillate inventories to have risen by 250,000 barrels as USA economic growth supports higher demand for refined products.

Opec said Monday it expects global oil demand growth to slow this year by 20,000 barrels per day (Bpd), from its forecast last month, due to weaker-than-expected consumption data from Latin America and the Middle East.

Meanwhile, production fell by 57,000 to 600,000 bpd in Libya, by 53,000 to 10.39 million bpd in Saudi Arabia, with output from Venezuela dropping by 48,000 to 1.28 million bpd, according to OPEC. Even with the July cutback, Saudi Arabia's output remains higher than the 2017 yearly average and higher than either the first or second quarter average this year. Rising output from Nigeria, Kuwait and the UAE offset the drops.

Oil demand growth in 2019 will be lower than originally expected, the Organization of the Petroleum Exporting Countries and Russian Federation stated in its monthly report. Global demand is forecast to average 98.83 million barrels a day in 2018, down by 20,000 barrels.

In 2019, crude demand is expected to grow globally to a record 100.26 Mmbdp.

Zidane put on standby as Manchester United's next manager
But the bad blood is hanging over from last season when the pair fell out leading to Mourinho dropping and subbing the player. The Red Devils star impressed during the World Cup as France eased to 4-2 win over Croatia in the World Cup final.

Virat Kohli loses his number 1 Test ranking to Steve Smith
Broad took his fourth wicket of the innings in dismissing Dinesh Karthik with his next ball and India stood at 61 for 6. After being bowled out for 107 runs in the first innings, they were folded to 130 in the second innings.

Trump lashes out at 'Wacky Omarosa'
Even Trump had begun wearying of Manigault Newman's omnipresence in meetings by the middle of his first year, those people said. Kelly came on board [as chief of staff] he told me she was a loser & nothing but problems".

OPEC agreed in June to raise output at a nominal increase of 1 million barrels a day (bpd) amid pressure from the U.S.to decrease prices.

USA crude inventories rose unexpectedly last week USOILC=ECI, climbing 6.8 million barrels in spite of refinery crude runs hitting a record high, the Energy Information Administration's data showed. The cartel's estimate of U.S.in 2019 also slipped slightly from 17.5 million barrels a day to 17.44 million.

Iran's oil exports peaked at nearly 3 million bpd in May this year, but they have since fallen to around 2 million bpd as Asian buyers, including Japan, South Korea and India, began to shun its crude ahead of the sanctions.

At Multi Commodity Exchange, crude oil for delivery in August month shot up by Rs 68, or 1.46 percent, to Rs 4,711 per barrel in a business turnover of 2,365 lots.

Crude prices were lower Monday morning, with West Texas Intermediate for September delivery trading down about 0.4% at $67.33.

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