Oil prices have fallen 1% after increasing stockpiles of crude and refined fuel led to fears of another glut.
Brent crude LCOc1 dropped 65 cents to touch at $46.96 a barrel, while US West Texas Intermediate (WTI) crude CLc1 dropped 71 cents to reach at $45.24 a barrel, reported Reuters.
The news agency reported Market intelligence firm Genscape as saying that Oklahoma delivery centre for US crude futures had seen a supply increase of 26,460 barrels last week.
A coup attempt in Turkey could not support the market given that Istanbul's Bosphorus Strait reopened following a closure for a short time.
This strait handles about 3% of worldwide oil shipments, primarily from the Caspian region and Black Sea ports.
See Also:
Jim Ritterbusch of Ritterbusch & Associates was quoted by the news agency as saying: "We are maintaining a bearish trading stance as we still see an ultimate price downdraft in WTI and Brent to about $37 and $38 areas respectively."
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.
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