Oil futures declining on concerns of the U.S. demand decrease

In USA the Labour Day is being celebrated today what means the end of summer holidays season which is the peak consumption period. As a result, oil quotes today are remaining the drop against the background of the investors anxiety caused by the probable oil demand decline in USA. Moreover, energy market appeared to be the most sensitive to the news about the world economic recovering slowdown, thereby, the oil prices are still under the extremely strong pressure in spite of the optimistic sentiment appeared on the stock as well as forex market during the last week.
Thus, oil futures today decline on concerns of the probable U.S. petroleum demand decrease. In electronic trading on NYMEX October WTI futures contract dropped 52 cents or 0.7% to the level of $74.08 per barrel. There will be no floor trading on the NYMEX today because of the U.S. holiday. Brent oil declined 0.2% to $76.85 in the morning on ICE Futures Europe Exchange in London. WTI futures contract is being traded near the rate of $74.29 per barrel (-0.49%) by 18.00 Moscow time while Brent oil is near $77 per barrel (+0.42%).
From the significant macroeconomic statistics that were expected today we can mark out only the European Sentix index which declined to the level of 7.6 points against the expected value of 8 points having supported the U.S. dollar and exerted the pressure on the European currencies. The moderate advance of USD also became the factor of oil quotes declining today.
All in all, the situation on energy market is still fairly negative. Crude oil inventories in USA are 5% higher than in the previous year. Moreover, the end of summer holidays’ season in United States makes the hope on the oil demand’s increase fairly tenuous. Moreover, energy market is mostly sensitive to the concerns of the world economic growth slowdown what doesn’t allow futures’ quotes to rise significantly. For the oil prices rebounding the stronger support from the new positive macroeconomic statistics is needed.