Crude oil dips

Crude oil dips

Crude oil dips LONDON: Oil prices dipped on Monday as a global supply glut and weak demand continued to weigh on the market.

Prices had already 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.

At about 1200 GMT, US benchmark West Texas Intermediate for October delivery, a new contract, fell 54 cents to $41.06 per barrel, and Brent was down 62 cents at $42.91.

Source: http://www.dawn.com/news/1274698/crude-oil-dips

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