Singapore: US crude remains below $40 as oversupply weighs

  • Aug 09, 2016

Singapore: US crude remains below $40 as oversupply weighs

Wednesday, 3 August 2016 – Oil prices remained weak on Wednesday, with U.S. crude below $40 per barrel and Brent under $42, as fuel oversupply and stuttering economic growth weighed on markets, although prices did receive some support from a weaker dollar.

U.S. West Texas Intermediate (WTI) crude futures were trading at $39.54 per barrel at 0651 GMT, slightly above their last close and well below the $40 marker they settled below for the first time since April in the previous session.

International Brent crude futures failed to hold $42, trading at $41.77 per barrel. Read More?