 Good morning from the Frankfurt Office of CMC Markets to your daily news update. Oil prices went down sharply yesterday and there was a bunch of negative news. Actually, the market also came to the conclusion that fundamentals still matter and that it's not all about Saudi Arabian rumors. China's July diesel and gasoline exports they soared by 181% and 145% respectively so they try to exploit that there is some overproduction in mineral oil production like diesel and gasoline and so they sell it on the world market and they are directly competing with the United States that had twindling gasoline inventories as well but not because of an increase in demand but because of they are exporting large amounts of gasoline so China and the United States are actually competing on the world markets for diesel and gasoline. Actually, it is also a fact that thrillers added 10 oil rigs in the week to the 19th of August that was the 8th straight week of increases in active oil rigs in the United States. It was plus 76 oil rigs in those 8 weeks and that is the largest increase compared to plus 101 that was in mid 2014 right before oil prices went into a nosedive so the thrillers in the United States the fracking companies are partying like two years ago.