SINGAPORE: Oil prices fell for a third day in Asia trade on Thursday after figures showing high US crude stockpiles and increased Saudi production. Official US data on Wednesday showed a jump in crude inventories, taking by surprise investors who expected a draw down in supply, pushing prices of the commodity down by 3 percent overnight. While gasoline supplies and US domestic production have fallen, analysts warn that global production levels are far outstripping demand. A monthly report from the Organization of Petroleum Exporting Countries also showed At about 0710 GMT, US benchmark West Texas Intermediate for September delivery was down 16 cents to $41.55 a barrel while North Sea Brent for October delivery was down 14 cents to $43.91.“Oil is increasingly looking like it may want to retest its US$39 lows that it touched at the start of August,” said Angus Nicholson, a strategist at IG Markets in a note. Oil prices entered a “bear” market last week, having fallen more than 20 percent from peak levels above $50 a barrel seen in early June, and closing below $40 for the first time since April. They rebounded Monday after news broke that OPEC will be meeting informally next month… Read full this story
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