Oil edges lower
Monday, 20 July 2015
Oil prices edged lower on Monday as data showed Saudi Arabian exports fell to the lowest in five months despite record output. Both international and US crude futures posted their third consecutive weekly losses last week on expectations of increased exports from Iran following a deal to ease sanctions against the OPEC producer. Brent September crude was 14 cents lower at $56.96 a barrel by 0708 GMT. The benchmark fell nearly 3 per cent last week and more than 10 per cent for the month. US crude futures were down 7 cents at $50.82 on Monday. The August contract expires on Tuesday. Saudi Arabia's crude oil exports fell in May to their lowest since December, with official data showing daily shipments stood at 6.935 million barrels a day (bpd) compared with 7.737 million bpd in April, according to Reuters.