Oil prices slide further in Asia

AFP, SINGAPORE: Oil prices slipped further in Asia yesterday, weighed down by a strengthening dollar as concerns about weakening demand in China added to expectations a global oversupply will last for years.
US benchmark West Texas Intermediate for September delivery was down 12 cents to $41.75 in afternoon trade. WTI has lost more than 30 per cent in the past two months, bringing it to the lowest level since March 2009.
Brent crude for October gave up 11 cents to $48.63.
Oil has led a slump in energy commodity prices in the past month "due to concerns about falling demand from China and robust global supply, especially in the US," research house Capital Economics said.
Strong output from US shale oil producers and the Organisation of the Petroleum Exporting Countries cartel has outpaced the growth in demand, leading to an oversupply that has depressed prices.

Oil prices slide further in Asia

AFP, SINGAPORE: Oil prices slipped further in Asia yesterday, weighed down by a strengthening dollar as concerns about weakening demand in China added to expectations a global oversupply will last for years. US benchmark West Texas Intermediate for September delivery was down 12 cents to $41.75 in afternoon trade. WTI has lost more than 30 per cent in the past two months, bringing it to the lowest level since March 2009. Brent crude for October gave up 11 cents to $48.63. Oil has led a slump in energy commodity prices in the past month due to concerns about falling demand from China and robust global supply, especially in the US, research house Capital Economics said. Strong output from US shale oil producers and the Organisation of the Petroleum Exporting Countries cartel has outpaced the growth in demand, leading to an oversupply that has depressed prices.