Oil prices have dipped globally as data showing weaker US energy demand prompted traders to sell, as per AFP. Brent North Sea crude for September dipped to US$113.6. Data from the American Petroleum Institute showed an unexpected rise in crude oil inventories, indicating softer energy demand. This has given traders a reason to sell.
Concerns over the violence in Syria unsettling the oil-producing Middle East region was likely to keep upward pressure on prices. While Brent oil is likely to be under pressure amid production disruptions due to scheduled maintenance in North Sea oilfields next month. On the other hand, the eurozone debt crisis remains a concern for investors and continues to impact oil prices.