Oil Prices Fall on Oversupply Concerns

New York — Oil prices declined on Thursday as government data showed the US crude stockpile rose more than expected last week.

The Energy Information Administration said in its weekly report on Wednesday that the US crude inventories added 2.3 million barrels to 525.9 million barrels in the week ending Aug. 26, higher than market consensus of a 921,000-barrels gain.

Earlier this week, Iraqi oil minister said that the country has exported more crude from its southern ports in August, and will continue increasing output.

Analysts said the data and news raised investors’ concerns on the oversupply in the market.

The West Texas Intermediate for October delivery lost USD1.54 to settle at USD43.16 a barrel on the New York Mercantile Exchange, while Brent crude for November delivery erased USD1.42 to close at USD45.45 a barrel on the London ICE Futures Exchange. (PNA/Xinhua) JMC/EBP