Tuesday's global oil prices plunged to one-week lows in American trade, continuing their losses for the third straight day as worries about Beryl Hurricane-related damage to the oil infrastructure waned.
Traders are currently awaiting initial data on US crude stocks, which is predicted to reveal a decline in inventory for the second consecutive week.
Costs
At $81.70 a barrel, US crude dropped 0.6%, to its lowest level since July 1.
Brent hit a record low of $85.12 today, down 0.65% from July 1.
US crude fell 1.3% on Monday, and Brent fell 1.4% as investors pulled out of three-month highs.
Hurricane Beryl
Looks like tropical cyclone Beryl won't cause too much harm to the infrastructure supporting the production of crude oil and refining in the Mexico Gulf.
Shell confirmed on Monday that its staff would be redeployed after temporarily ceasing production and evacuating from some of its oil producing facilities in Texas.
The US hurricane season this year is still a source of concern; Colorado University predicts a "highly active season" in 2024.
US Stocks
The official EIA government statistics on US crude supplies will be released tomorrow, but the American Petroleum Institute will provide preliminary data on the subject later today.
