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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