Oil
prices fall on oversupply concerns
Oil prices fell in
Asian trade on Wednesday as concerns over global oversupply outweighed the
impact of a likely larger than expected draw in US crude stocks and a weakening
dollar.
Asian investors focused
on OPEC production figures that showed members of the Organization of the
Petroleum Exporting Countries produced around 3 million barrels of oil per day
more than daily demand in the second quarter.
US crude for September
delivery dropped 12 cents to USD 47.86 a barrel, after ending the previous
session up 59 cents.
The dollar slipped
against a basket of six major currencies in Asian trade on Wednesday, while the
euro gained against the dollar. The dollar index fell to 96.505, or 0.27
percent, after closing up at 96.745 in the previous session.
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