- Oil prices again drop below $50/bbl after closing pit trade barely above that level, as data showed Saudi Arabian exports fell to the lowest in five months despite record output while a resurgence in U.S. drilling activity seen earlier this month seems to fizzle out.
- While oil consumption has risen this year, many analysts say demand is insufficient to eat away at the global glut of crude and that a drop in output also is needed; the Iranian nuclear deal - the European Union and UN Security Council both voted in favor of the deal - also adds to concerns that more crude oil could be produced in the coming months.
- WTI crude fell more than 3% last week and more than 14% in July, while Brent fell nearly 3% last week and more than 10% for the month.
- The energy sector was easily the day's worst performing equity group: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, PXJ, FIF, NDP, RYE, FXN, DDG
- Crude oil ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM