Crude oil futures fell on Wednesday as investor focus shifted back to a deep global supply glut and away from the threat of escalating violence in the Middle East, which pushed prices to two-week highs the previous day.
Oil prices fell on Thursday, with US crude dipping below $40 per barrel, retreating from early gains amid a persistent global glut of crude and refined fuel.
Brent crude futures were down 20 cents at $43.94 a b
Oil prices tumbled almost four per cent on Thursday, accelerating a slump that threatens to test new six-and-a-half year lows, with traders unnerved by a persistent rise in US stockpiles and a downbeat forecast for next year.
Oil prices rose on Thursday, paring some of the losses incurred a day earlier after data showed US inventory levels had risen for a sixth week and mounting evidence of weakness spreading through the physical market.
Oil prices fell on Tuesday, extending losses into a third week, on worries over a supply glut and with US inventory data expected to show another increase in crude stocks.
Brent for December delivery had fallen
The world's big oil exporters pumped more than half a billion barrels more crude than needed in the first nine months of this year, industry data gathered by Reuters and major energy market forecasters show.
The Organization o
Oversupply in oil products, in tandem with a crude glut, has brought back memories of the 2008-2009 crisis, but traders say the climate is not right now for a repeat of large scale fuel storage at sea.
Brent crude oil steadied below $67 a barrel on Friday after reports that a growing supply glut is boosting inventories worldwide.
Oil futures have rallied strongly since January after collapsing last year but analysts say the rebo
A global oil glut is building as Opec kingpin Saudi Arabia pumps near record highs in an attempt to win a market-share battle against stubbornly resistant US shale production, the International Energy Agency (IEA) said.