Oil retreats with receding hopes of a deal to reduce production.

22 Aug 2016 01:31 am

Live: oil prices retreated by about 1 percent, on Monday, from the highest levels since the fourth of July with receding hopes for an agreement between producers of crude next month, according to an analyst.

And Brent crude fell 51 cents to global measurement, or the equivalent of 1% to $ 50.37 a barrel by 3:15 GMT, after a record $ 50.88 a barrel in the previous session, the highest level since early July.

Us crude fell 35 cents to $ 48.23 a barrel, having touched $ 48.75 a barrel level on Friday, its highest level since last July.

Firm said wreikat, pioneers Bahrain consulting analyst, for "direct": that high oil during last week was mdarbia, exploiting news about OPEC talks near, and unexpected stocks slipped in America who still at record levels despite the decline.

And that there is consensus, wreikat that higher oil won't last, above the levels reached by the middle of Saudi's intention to raise the standards of production, and the return of Iraq pumping oil to Turkey by about 70 thousand barrels per day, in addition to the return of NOC in Libya in oil tankers load crude at Mina al zwaytina-East, which has been closed since last November.

And today, oil decline coincided with the announcement of rising Chinese exports in July of diesel and gasoline 181.8%, 88.19% respectively compared with the same month last year.

Wreikat said: this indicator is seen that latest continuing glut supply of fuel.