This morning, New York crude oil futures for WTI fell by 1.71% to $ 48.24 and Brent oil futures were down -1.89% to $ 49.94 per barrel. Thus, the black gold is trading lower as analysts began to doubt that oil producers will be able to reduce the surplus of oil. Also, oil products export in China grow and this figure is considered to be one of the global oversupply indicator, experts say. Exports of diesel and gasoline from China in July rose by 181.8% and 145.2% respectively year on year, putting pressure on margins of refined petroleum products.

Recall that OPEC members, along with other oil-producing countries will meet in September to discuss the possible restriction of oil production to curb the oversupply. Although analysts believe that the conflict between Saudi Arabia and Iran reduce the chances of a deal.