Finweek English Edition - - IN BRIEF -

A GS Cal­tex oil re­fin­ery in South Korea. Ac­cord­ing to Reuters, the oil price con­tin­ued to ex­pe­ri­ence down­ward pres­sure as Asian traders took note of Opec pro­duc­tion fig­ures, which in­di­cated that 31.25m bar­rels of oil had been pro­duced per day dur­ing the sec­ond quar­ter. This was 3m more than the daily de­mand of 28.26m, Reuters re­ported.

Ac­cord­ing to Reuters, at the time of go­ing to print, Brent fu­tures for Septem­ber were at $53.08, while US crude for Septem­ber de­liv­ery was at $47.78 per bar­rel.

Mean­while, the Au­to­mo­bile As­so­ci­a­tion of South Africa said it was ex­pect­ing lo­cal fuel prices to go down on 5 Au­gust on the back of the down­ward trend in in­ter­na­tional oil prices. It ex­pected the petrol price to de­crease by be­tween 47c/l and 49c/l, diesel by about 70c/l, and paraf­fin by about 68c/l, Fin24 re­ported.

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