Oil prices stay near $30 a barrel on oversupply worries

AFP, SINGAPORE: Oil prices lingered near $30 a barrel in Asia yesterday, with analysts warning they could fall further as a rise in US stocks added to fears a glut in world supplies will last until next year.
Global crude benchmark Brent slipped below the psychologically key point to a 12-year low in the previous session after data showed stockpiles rose in top consumer the US.
The looming return of Iranian oil to world markets after the final implementation of a deal on its nuclear programme—which Tehran expects by Sunday—also weighed on prices.
US benchmark West Texas Intermediate for delivery in February was up 33 cents at $30.81 at around 0810 GMT. Brent crude for February was trading 10 cents higher at $30.41 after lingering below $30 in the morning.
“Oil prices continued trending downwards this week amid persistent concerns on global oversupply,” Sanjeev Gupta, who heads the Asia Pacific oil and gas practice at EY, told AFP.
Oil prices have collapsed by about two thirds in 18 months as supplies outweighed demand growth due to a slowdown in the world economy, and particularly in key consumer China.

Oil prices stay near $30 a barrel on oversupply worries

AFP, SINGAPORE: Oil prices lingered near $30 a barrel in Asia yesterday, with analysts warning they could fall further as a rise in US stocks added to fears a glut in world supplies will last until next year. Global crude benchmark Brent slipped below the psychologically key point to a 12-year low in the previous session after data showed stockpiles rose in top consumer the US. The looming return of Iranian oil to world markets after the final implementation of a deal on its nuclear programmewhich Tehran expects by Sundayalso weighed on prices. US benchmark West Texas Intermediate for delivery in February was up 33 cents at $30.81 at around 0810 GMT. Brent crude for February was trading 10 cents higher at $30.41 after lingering below $30 in the morning. Oil prices continued trending downwards this week amid persistent concerns on global oversupply, Sanjeev Gupta, who heads the Asia Pacific oil and gas practice at EY, told AFP. Oil prices have collapsed by about two thirds in 18 months as supplies outweighed demand growth due to a slowdown in the world economy, and particularly in key consumer China.