Oil down in Asia on oversupply woes
OIL prices extended losses in Asia yesterday after industry data showed a rise in US crude stockpiles, supporting oversupply concerns.
The American Petroleum Institute said on Aug 9 that crude supply had increased by around 2.1 million barrels last week.
Investors are now waiting for official data on US commercial crude stockpiles, which will give further indication of demand in the world’s top oil consumer.
The Organisation of the Petroleum Exporting Countries will hold talks on the sidelines of the International Energy Forum in Algeria from September 26 to 28, ahead of a planned meeting due at the end of November.
The announcement was seen as a hint OPEC could take action to stabilise the crude market.
The last time the OPEC met in April it could not come to an agreement about the production freeze and its members have since been pumping crude at record high levels.