Saudi Arabia's oil exports in August to remain similar to July levels – Reuters

Saudi Arabia's oil exports in August is expected to remain around July levels, Reuters reported on Monday, citing an industry source familiar with the matter.

According to the source, the additional oil output in August will be consumed domestically due to rising local demand for power generation during the hot summer days.

Market reaction

Crude oil prices rose modestly from daily lows on this headline but stay deep in the negative territory. As of writing, the barrel of West Texas Intermediate was losing 1.4% on the day at $40.