Oil falls due to oversupply and the impact of slower growth than the decline in the p
Oil falls due to oversupply and the impact of slower growth than the decline in the production of America
Singapore, Feb. 25 (Reuters) - Crude oil prices fell on Thursday as the strong demand did not succeed on gasoline and lower US crude production to dispel the impact of downward pressures resulting from excessive production in the world markets, which led to the full, the oil is sold storage facilities.
The total circulation of raw International benchmark Brent to $ 34.18 a barrel by 0643 GMT, down by 23 cents from the last settlement price because of the glut in supply in the global market, where the volume of production ranges in excess of global demand between one million and two million barrels per day.
It fell WTI futures 23 cents to $ 31.92 a barrel.
Said Ric Spooner, chief market analyst at CMC Markets Corporation "fundamental situation in the oil market now is that global production exceeds global demand by a large margin."
In a sign of excess supply on Wednesday, data from the US Department of Energy showed that crude oil inventories in the United States increased by 3.5 million barrels last week to reach an unprecedented height of over 507 million barrels, which put pressure on crude futures.