WTI crude oil delivery was at $102 a barrel for September, down 9 cents, at 4:48 p.m. Sydney time. The contract closed at $102.07 on July 24, the lowest level since July 16. The volume of all futures traded was about 2 percent below the 100-day average. Prices have fallen 3.2 percent in July, the most in eight months.
West Texas Intermediate crude traded near the lowest price in a week amid speculation that economic data may signal slowing growth in the US, the world’s biggest oil consumer.
Brent for September settlement dropped as much as 60 cents, or 0.6 percent, to $107.79 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $6.04 to WTI. The spread closed at $6.30 on July 25, the widest since July 7.