Oil Hits Three-month Low On Supply Glut
Fahad Shabbir (@FahadShabbir) Published July 26, 2016 | 05:23 PM
LONDON, (APP - UrduPoint / Pakistan Point News - 26th july,2016) : New York oil prices slid Tuesday to a new three-month low, as the market was dogged by resurgent fears over stubborn oversupply. At about 0800 GMT, prices for benchmark West Texas Intermediate (WTI) crude quoted in New York dived as low as $42.59 per barrel, while Brent crude approached a similar level at $44.28. The market was weighed down by reports of rising supplies at the key transit hub of Cushing, Oklahoma, in the United States -- which is the world's biggest global oil consuming nation. "Oil prices (fell) to multi-month lows this morning," said Commerzbank analyst Carsten Fritsch. "Brent hit a new 2.5-month low ...
while WTI is trading at below $43 per barrel for the first time since the end of April. "Concerns about an oversupply were exacerbated by figures from (data provider) Genscape which suggest that crude oil stocks at Cushing climbed by a good one million barrels last week.
" In midday London deals, Brent North Sea crude for September delivery lost 36 cents to $44.36 a barrel compared with Monday's close. WTI for September was down 42 cents at $42.71. After topping $50 a barrel early last month on output disruptions, the cost of crude has tumbled about 15 percent in recent weeks as the crucial US holiday driving season comes to an end and global demand remains weak. Traders have been spooked since last week when the US Energy Information Administration said US inventories had fallen less than expected, and that petrol supplies had risen, despite it being peak season for demand in the country. An increase in the number of rigs coming online -- meaning more production -- has also dented prices. Back in February, oil had plunged to near 13-year lows, as world markets were crippled by worries over China's economy, weak demand, a global growth slowdown and a crude supply glut.
Related Topics
Recent Stories
President Raisi leaves for Iran from Karachi
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 24 April 2024
Today Gold Rate in Pakistan 24 April 2024
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
More Stories From World
-
Doncic shines as Mavs sink Clippers; Timberwolves down Suns
17 minutes ago -
Israel says US military aid sends 'strong message' to enemies
1 hour ago -
Under stress of war, gambling grips Ukrainian soldiers
1 hour ago -
Long-delayed Ukraine aid clears US Congress, awaits Biden signature
2 hours ago -
Up the Congo River on an eventful voyage aboard 'God's Miracle'
2 hours ago -
A 'healthy addiction': sea saunas make waves in Ireland
2 hours ago
-
Victims of China floods race to salvage property
2 hours ago -
China to send fresh crew to Tiangong space station
3 hours ago -
Norman says McIlroy welcome on LIV Tour, but denies any offer
3 hours ago -
China, future HQ: New ASML boss faces bulging in-tray
3 hours ago -
Trump meets former Japanese prime minister in New York
3 hours ago -
'Catch and Kill' architect details Trump-boosting scheme
3 hours ago