![Oil prices up in Asia but oversupply worries weigh](https://photo-cdn.urdupoint.com/media/2016/08/_2/740x404/pic_1470033608.jpg)
Oil Prices Up In Asia But Oversupply Worries Weigh
Sumaira FH Published August 01, 2016 | 11:40 AM
![Oil prices up in Asia but oversupply worries weigh](https://photo-cdn.urdupoint.com/media/2016/08/_2/740x404/pic_1470033608.jpg)
SINGAPORE, (APP - UrduPoint / Pakistan Point News - 1st August, 2016) - Oil prices edged up rose in Asia on Monday as the Dollar weakened while bargain-buyers moved in following a recent sell-off but analysts warned a global supply glut and weak demand will temper gains. Prices hit three-month lows last week after US data showed an unexpected increase in commercial stockpiles of oil and gasoline, adding to worries about a global crude supply glut. news that the US economy grew slower than expected in April-June also raised questions about demand in the world's biggest oil consumer. However, the weak reading narrowed the chances of a US interest rate hike this year, sending the dollar tumbling, making oil cheaper for anyone using other currencies. At about 0410 GMT, US benchmark West Texas Intermediate for October delivery, a new contract, rose 15 cents, or 0.36 percent, to $41.75, and Brent was up 15 cents, or 0.34 percent, at $43.
68. But analysts said the uptick was unlikely to be sustained. "There is a clear downward momentum to the market at the moment," Michael McCarthy, a chief strategist at CMC Markets in Sydney told Bloomberg News.
"There are concerns about the oversupply situation continuing. Clearly $40 a barrel is a key point for West Texas and I'd expect to see support there given the bounces we've seen previously at that level." Sanjeev Gupta, an oil and gas analyst with EY, added that "crude oil prices continued to remain under pressure due to concerns over slower economic activity in the US, high inventory levels of crude and finished products, and media reports of higher output from OPEC in July". Energy information provider S&P Global Platts said production from the Organization of the Petroleum Exporting Countries surged 300,000 barrels per day in June, close to an eight-year high of 32.73 million barrels per day.
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
6 hours ago
-
Obama & his wife, Michelle, officially endorse US VP Kamala Harris for president
6 hours ago -
Rain, cooling slow huge blaze in Canada's Jasper park
6 hours ago -
Airbus and Boeing supremacy secure despite turbulence
6 hours ago -
S.African police detain 95 Libyans at suspected military camp
6 hours ago -
'Slapping therapist' guilty over UK diabetic woman's death
7 hours ago -
Panama says Venezuela blocked flight of ex-presidents going to observe polls
7 hours ago