CL1 futures to face downtrend on inventory contraction and Greece debt default

On the NYMX, crude oil futures for August delivery were down today at $58.61 a barrel.

Brent for August delivery, the global benchmark was dipped 0.69% to $63.15.

Oil prices were largely lower today after Greece defaulted on a loan repayment to the International Monetary Fund and following bearish overnight supply data.

Market sentiment was hit as Greece became the first developed country to default on the IMF as its bailout program expired.

The IMF declares that the Greek government failed to make a scheduled €1.6 billion loan repayment by close of business on Tuesday. The fund said Greece can now only receive further funding after its arrears are cleared.

Data evidencing an unanticipated build-up in U.S. oil stockpiles and soft Chinese manufacturing activity also weighed on prices.

Today during US sessions crude inventories are to flash at 1.9 mlns a steep decline from previous 4.9 mln.