Oil Prices Decline as Analysts Say August Prices Rally Looks Overblown

Oil prices declined on Monday as analysts doubted upcoming oil producer talks next month would rein in oversupply, saying that Brent would likely fall below $50 a barrel as August's more than 20% increase looks overblown. 
Brent crude futures were trading at $50.22 per barrel at 0224 GMT, down 66 cents, or 1.3 percent US West Texas Intermediate (WTI) crude was down 51 cents, or 1.05%, at $48.01 a barrel. 
China's July exports of diesel and gasoline rose by 181.8 and 145.2% respectively compared with the same month last year, to 1.53 million tonnes and 970,000 tonnes each. 
Soaring exports of refined products from China also pressured prices, as this was seen as the latest indicator of an ongoing global fuel glut, traders said. 
Analysts cast doubt on recent high price of oil, saying that much of it was a result of short-covering and anticipation of upcoming producer talks to discuss means to curb oversupply.

Source : XINHUA