Oil prices head for seventh weekly fall

AFP, SINGAPORE: Oil prices looked set for their seventh weekly fall in Asia yesterday, with US crude tumbling to fresh six-year lows as investors worried a global supply glut is set to last.
US benchmark West Texas Intermediate (WTI) for September delivery dropped 24 cents to $41.99 in afternoon trade, the lowest price since March 2009.
Brent crude for September, which expires yesterday, eased four cents to $49.18, remaining below the psychologically important $50 a barrel.
Bernard Aw, market strategist at IG Markets Singapore, predicted prices will remain weak after the International Energy Agency (IEA) said Wednesday the global crude oversupply will last through 2016.
"Crude oil should continue to stay under pressure and likely to clock their seventh weekly losses," Aw said.
"The earlier IEA assessment that the supply glut situation would be extended beyond 2015 continues to contribute to the pessimistic outlook for energy."

Oil prices head for seventh weekly fall

AFP, SINGAPORE: Oil prices looked set for their seventh weekly fall in Asia yesterday, with US crude tumbling to fresh six-year lows as investors worried a global supply glut is set to last. US benchmark West Texas Intermediate (WTI) for September delivery dropped 24 cents to $41.99 in afternoon trade, the lowest price since March 2009. Brent crude for September, which expires yesterday, eased four cents to $49.18, remaining below the psychologically important $50 a barrel. Bernard Aw, market strategist at IG Markets Singapore, predicted prices will remain weak after the International Energy Agency (IEA) said Wednesday the global crude oversupply will last through 2016. Crude oil should continue to stay under pressure and likely to clock their seventh weekly losses, Aw said. The earlier IEA assessment that the supply glut situation would be extended beyond 2015 continues to contribute to the pessimistic outlook for energy.