US August WTI is down again this morning touching around $80.10 (8 month lows) following the FOMC, and EIA inventory data yesterday which pointed to oversupply and falling demand with a rise in US stockpiles of 2.9 million barrels against market expectations of a draw of around 1.1 mmbls.
The move has since been further extended following the report that Chinese manufacturing output is likely to contract this month.
Analysts now see some psychological support around the $80 level; the August contract currently trades around $80.45
Any chance of seeing something reflected in pump prices……..fat chance i think!?
