Global oil prices show slight drop on Monday

Global oil prices showed a slight decrease on Monday with International benchmark Brent crude dropping by 0.19 percent to $52.62 while U.S. WTI fell by 0.06 percent to $48.63 at 06.09 GMT on Monday.

This week, the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA) will release weekly oil stock data on Tuesday and Wednesday respectively. The market is eyeing the stock data, which will affect the price of crude.

Last week, API reported that the crude inventory dropped by 9.2 million barrels in the week to Aug. 11, the biggest draw since September 2016. While EIA said stocks fell by 8.95 million barrels, nearly three times analysts' expectations of a 3.1 million barrel draw.

On Friday, Baker Hughes will release data on the oil rig count in the U.S. Last week Baker Hughes said U.S. closed 5 oil rigs, supporting an upward movement of prices on Friday's closing.

By Zeynep Beyza Kilic


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