Today, oil is trading near the lows from April. The price of oil is down due to negative expectations related to the global economic outlook and and excess supply of oil and petroleum products in the markets.

The cost of the September futures for Brent oil on the London Stock Exchange dropped to $ 42.59 a barrel. Futures pfor WTI crude oil September on New York Mercantile Exchange (NYMEX) decreased to $ 41 per barrel.