Oil slumps to 6-week low; Brent at $81

Oil turned lower today, July 23, amid concerns over demand outlook in China and growing uncertainty over the US election and its impact on the energy sector. 

Brent crude futures for September delivery fell by 1.7%, or $1.39, to $81.01 a barrel—the lowest level since June 7 ($79.34). 

WTI crude for September delivery (the most active contract) dropped 1.85%, or $1.44, to record $76.96 per barrel—the lowest level since June 10 ($76.82). 

“Expectations that OPEC will start easing production curbs in Q4, and the growing likelihood that a Trump presidency will boost US production further, are driving prices lower,” Ipek Ozkardeskaya, a Senior Analyst at Swissquote, said in a note. 

The American Petroleum Institute's report on oil inventories is expected to be released later today, and the US Energy Information Administration is scheduled to release official inventory data on July 24, amid expectations of a 2.6 million barrel drop in crude inventories.