Weak Economic Outlook and Oversupply Weigh On Oil Markets

Oil prices remained weak on Tuesday as the global economic outlook darkened further and cooperation between oil producing countries to curb oversupply looked unlikely. 

Japan's economy shrank an annualised 1.2 percent in April-June, revised GDP data showed on Tuesday, despite ongoing government and central bank measures to support growth.

"Oil prices are now expected to stay around current levels until the end of 2015, before rising to the mid to high 50s by the end of 2016," National Australia Bank said in its September.

 US crude benchmarks were at USD 44.60 per barrel at 0152 GMT, down USD 1.45 since Friday's close, weighed down by the closure of the largest crude distillation unit at Exxon Mobil Corp's 502,500 barrel-per-day (bpd) Baton Rouge, Louisiana, refinery.

 US markets were closed on Monday for a holiday. 

Not impacted by the refinery outage, Brent futures firmed 32 cents in early trading to USD 47.95 barrel, although the global benchmark was still down USD 1.32 from its opening value on Monday.


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