AFP, Singapore :
Oil prices fell in more volatile Asian trading Monday as dealers fret over bulging global supplies and a strengthening US dollar, analysts said.
US benchmark West Texas Intermediate (WTI) slipped 58 cents to $44.26 while Brent was down 45 cents at $54.22 in afternoon trade.
WTI lost $2.21 and Brent plunged $2.41 on Friday after the International Energy Agency warned of US crude reserves reaching storage capacity with little sign of a slowdown in output despite a global glut.
“This week could be even more bearish for oil as there has been no shift in supply,” Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.
Singapore-based Phillip Futures said “with fundamentals remaining unchanged, we hardly find a reason for crude oil to break higher or even lower”.
The US Department of Energy last week said stockpiles in the world’s top crude consumer climbed to a fresh record high of 448.9 million barrels last week.
Crude prices lost some 60 percent of their value to decline to about $40 between June and late January owing to an oversupply in world markets, a weak global economy and the strong dollar.
Oil prices fell in more volatile Asian trading Monday as dealers fret over bulging global supplies and a strengthening US dollar, analysts said.
US benchmark West Texas Intermediate (WTI) slipped 58 cents to $44.26 while Brent was down 45 cents at $54.22 in afternoon trade.
WTI lost $2.21 and Brent plunged $2.41 on Friday after the International Energy Agency warned of US crude reserves reaching storage capacity with little sign of a slowdown in output despite a global glut.
“This week could be even more bearish for oil as there has been no shift in supply,” Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.
Singapore-based Phillip Futures said “with fundamentals remaining unchanged, we hardly find a reason for crude oil to break higher or even lower”.
The US Department of Energy last week said stockpiles in the world’s top crude consumer climbed to a fresh record high of 448.9 million barrels last week.
Crude prices lost some 60 percent of their value to decline to about $40 between June and late January owing to an oversupply in world markets, a weak global economy and the strong dollar.
