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Oil prices fall on glut worries

Xinhua, July 19, 2016 Adjust font size:

Oil prices dropped on Monday as rising U.S. crude rigs and fuel inventories spurred market concerns that another glut is building up.

Oilfield services company Baker Hughes said Friday that the number of rigs operating in the U.S. fields rose by 22 to 542 in the week ending July 15, the seventh weekly increase in a row.

The Energy Information Administration (EIA) said in its weekly report on Wednesday that U.S. gasoline supplies of last week added 1.2 million barrels. Meanwhile, U.S. crude supplies lost 2.5 million barrels to 521.8 million barrels, higher than market consensus of a 3-million barrels decline.

Analysts said recent data have intensified fears on oversupply in the market, which weighed on oil prices on Monday.

The West Texas Intermediate for August delivery lost 0.71 U.S. dollars to settle at 45.24 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery erased 0.65 U.S. dollars to close at 46.96 U.S. dollars a barrel on the London ICE Futures Exchange. Enditem