On August 7, WTI crude oil futures fell to $51.09 a barrel, or $2.54, while Brent crude oil futures fell to $56.23 a barrel, or $2.71 a barrel.

The U.S. Energy Information Agency (EIA) said Wednesday that EIA crude oil stocks increased by 2.385 million barrels in the week of August 2, with an expected decrease of 2.845 million barrels and a decrease of 8.496 million barrels in the pre-value. Among them, gasoline stocks increased by 4437,000 barrels, expected to decrease by 722,000 barrels, and the pre-value decreased by 1791,000 barrels; refined oil stocks increased by 1529,000 barrels, expected to increase by 482,000 barrels, and the pre-value decreased by 894,000 barrels. Crude oil stocks in Kuxin area decreased by 1.54 million barrels, recorded a decline for five consecutive weeks, with a pre-value decrease of 1.53 million barrels.

Last week, U.S. domestic crude oil production increased by 100,000 barrels to 12.3 million barrels per day, while crude oil exports decreased by 709,000 barrels per day to 1.865 million barrels per day. In a report, ING pointed out that “uncertainties about the outlook for crude oil demand continue to increase due to the deterioration of Global trade prospects. At the same time, the target price of crude oil in 2019 was lowered, and global oil supply is expected to exceed demand in the first half of next year under the influence of falling demand.

In the view of business associations, the Sino-US trade negotiations are in a long-term stalemate, the Federal Reserve’s interest rate cut is ready to be fulfilled, and the extension of Iran’s sanctions exemption suppresses market sentiment from macro and geopolitical aspects, while the weakening economy has long restrained the growth of crude oil demand and further suppressed the rebound of oil prices.