![Oil prices extend losses on fresh supply glut fears](https://photo-cdn.urdupoint.com/media/2016/07/_2/740x404/pic_1469620843.jpg)
Oil Prices Extend Losses On Fresh Supply Glut Fears
Sumaira FH Published July 27, 2016 | 05:00 PM
![Oil prices extend losses on fresh supply glut fears](https://photo-cdn.urdupoint.com/media/2016/07/_2/740x404/pic_1469620843.jpg)
LONDON, (APP - UrduPoint / Pakistan Point News - 27th july,2016) : Oil prices slid to fresh three-month lows Wednesday as worries about a global oversupply resurface ahead of the release of US stockpiles data later in the day. With the US summer driving season -- when demand peaks -- drawing to a close investors are growing increasingly concerned that stocks in the world's top crude consumer remain at elevated levels. The Energy Information Administration is due to release a report Wednesday, with a survey of analysts warning gasoline inventories rose in the previous week, while oil supplies dipped for a tenth week. The EIA last week announced a smaller-than-forecast drop, which sparked a sell-off in the commodity. On Wednesday at around 1115 GMT, US benchmark West Texas Intermediate was down 29 cents at $42.63 while Brent fell 51 cents to $44.36.
The losses come after a three-day sell-off. "The general driver behind the negativity seems to be the excess crude and gasoline stockpiles," Angus Nicholson, a markets analyst at IG Ltd.
in Melbourne, said. "The market is very much in a down trend and it doesn't look like it's going to reverse at the moment.
There is some key technical support around $40 a barrel." Adding to the downward pressure was a pick-up in the Dollar following a series of strong US economic figures as well as an increase in the number of rigs coming online, meaning more production. After topping $50 a barrel early last month on the back of 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. It had fallen to near 13-year lows below $28 in February, as world markets were crippled by worries over China's economy, weak demand, tepid global growth and a supply glut.
Related Topics
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From World
-
Biden talks Gaza ceasefire efforts with king of Jordan
5 hours ago -
Sinaloa Cartel co-founder pleads not guilty after stunning US capture
5 hours ago -
Panama says Venezuela blocked ex-presidents going to observe polls
5 hours ago -
Ethiopia mourns victims of landslide tragedy
5 hours ago -
Khan Yunis fighting displaces 180,000 Gazans in four days: UN
5 hours ago -
Trump slams rivals as he meets Netanyahu in Florida
5 hours ago
-
Obama & his wife, Michelle, officially endorse US VP Kamala Harris for president
5 hours ago -
Rain, cooling slow huge blaze in Canada's Jasper park
5 hours ago -
Airbus and Boeing supremacy secure despite turbulence
5 hours ago -
S.African police detain 95 Libyans at suspected military camp
6 hours ago -
'Slapping therapist' guilty over UK diabetic woman's death
6 hours ago -
Panama says Venezuela blocked flight of ex-presidents going to observe polls
6 hours ago