Brent futures are down $1.05 at $49.00/bbl as Nymex oil futures go  down 87 cents at $44.35/bbl,

Oil prices could come under more pressure due to lower demand from oil refineries as they slow operations with the upcoming seasonal maintenance in autumn, especially if oil production doesn’t come down accordingly, The Wall Street Journal reported on Monday, August 31st citing a Barclays analysts report.
The report says although global oil demand has risen to 1.7 million barrels per day in the first-half of 2015 from 800,000 barrels in 2014, the demand growth continues to be outpaced by supply. Barclays says new uncertainties on the horizon have also been exposed in the past month. “Uncertainties related to China’s economy, tight oil supply resilience, dollar strengthening, and a ‘blue sky’ Iranian sanctions relief scenario present a downside risk to our price forecast,” they say.
Nymex oil futures are down 87 cents at $44.35/bbl, Brent futures are down $1.05 at $49.00/bbl.