The fall in oil prices is continuing due to the ongoing global oil glut despite efforts by the OPEC to tighten the market. 

Brent crude LCOc1 lost 11 cents and settled at $47.75 a barrel, while the US West Texas Intermediate (WTI) crude CLc1 was down by 10 cents at $45.54, reported Reuters. 

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

OPEC along with other key oil producers decided to continue the ongoing production curb of 1.8 million barrels a day to the first quarter of 2018. 

Earlier, the US Energy Information Administration (EIA) reported an increase in commercial oil inventory to 513.2 million barrels this week.

Despite the summer season has already started witnessing peak demand, stocks of refined products have also improved in the last week.

See Also:

"Stocks of refined products have also improved in the last week."

The Asian market is one of the key regions of crude consumption and remained oversupplied as traders continued to pump additional crude into floating storage. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thomson Reuters Eikon shipping data showed that approximately 25 supertankers are currently waiting at Strait of Malacca and the Singapore Strait with unsold fuel. 

National Oil Corporation of Libya stated that Sharara oilfield has reopened following a workers' protest and is expected to return to normal production within three days.

This may improve global oil production further.

Image: An offshore oil platform. Photo: courtesy of QR9iudjz0/ Freeimages.com.