Oil prices move down today (07/August/2012) in early Asian trade after a rose in the two previous sessions. Nymex oil for September delivery rose $ 0.80/barrel at $ 92.20 last night following the movements of the euro.
“Rally in oil prices over the last few sessions than we anticipated at the level at $ 91.50 and Brent oil at $ 108,” according to the records of Ritterbusch and Associates. Ritterbusch predicts the weakening of oil may still occur this month at a price of WTI at $ 80, ” he explained.
Oil inventory data for a week by the EIA showed oil inventories fell to 3 Agutus 900.000 barrels, according to Dow Jones Newswires survey. Oil prices fell 14 cents at $ 92.06/barrel, Brent oil fell 15 cents at $ 109.40/barrel.