OIL

CRUDE dropped to the lowest level in more than four months yesterday amid speculation a global glut that drove prices into a bear market would be prolonged. Goldman Sachs said the global crude oversupply is running at 2 million barrels a day and storage may be filled by autumn, forcing the market to adjust, analysts including Jeffrey Currie said in the report yesterday. Brent for September settlement dropped 57 cents, or 1.1 percent, to $49.02 a barrel (R3.93 a litre) on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a $4.69 premium to West Texas Intermediate. – Bloomberg