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This morning, New York crude oil futures for WTI fell by 1.50% to $ 47.37 and Brent oil futures were down -1.18% to $ 49.35 per barrel. Thus, the black gold is trading lower on the background of growth in US oil inventories, which put pressure on the market, along with fears of slowing demand in China. Beijing will take measures in respect of the alleged tax evasion in the petroleum industry. Growing demand in China supported by independent refiners, who have started to import oil in June 2015, received a quota and license from the government. US crude stocks rose last week, according to the American Petroleum Institute, reinforcing concern about the market glut.
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