n today’s trading, oil prices extended the losses of the previous session, falling to a new three-month low amid lingering concerns about surplus stocks of oil and petroleum products.
A day earlier, WTI crude oil fell to $ 41.68, the lowest level since April 20, after government data showed that crude oil inventories and gasoline in the US unexpectedly rose last week.
US Energy Information Administration (EIA) said in its weekly report that crude oil inventories rose by 1.7 million barrels in the week ended July 22 to 521.1 million barrels, the ministry called “historically high levels for this time of the year”.
The report showed that gasoline inventories rose by 452,000 barrels. Despite the height of the summer driving season in the United States, gasoline reserves far exceed the limit of the average range, according to EIA.
In recent weeks, the US standard remains under pressure amid signs of recovery in the US drilling activity combined with higher fuel product inventory.
In the last session, Brent crude was under pressure as prospects for increasing exports from Libya and Iraq have raised concern that an excess of oil will reduce demand from refiners.
Oil prices have fallen nearly 18% from a peak of above $ 50 in early June, as the excess gasoline stocks overshadow prospects for oil demand.
The cost of the September futures on US light crude oil WTI fell to 41.29 dollars per barrel.
September futures price for Brent fell to 42.81 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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