Oil down in Asia on over­sup­ply woes

The Myanmar Times - - International | Business -

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.

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