Saudi Arabia cut the September oil prices to Asia and Europe for the first time in four months But left prices for U.S. buyers unchanged keeping exportation toward this region near historical low level At the same time, Bloomberg reported Crude imports into China dropped in July to 51.29 million tons from 53.18 million in June Later on Friday, Baker Hughes will report the oil rig counts for the U.S. and Canada Crude oil prices remains under pressure Let's have a look at the intraday picture From a chartist point of view, prices are drawing a consolidation within a declining channel With current upper boundary at 42.15 acting as a key resistance
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