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While gasoline supplies and US domestic production have fallen, analysts warn that global production levels are far outstripping demand/XINHUA

Kenya

Oil continues decline on supply glut

While gasoline supplies and US domestic production have fallen, analysts warn that global production levels are far outstripping demand/XINHUA

While gasoline supplies and US domestic production have fallen, analysts warn that global production levels are far outstripping demand/XINHUA

SINGAPORE, Singapore, Aug 11 — Oil prices fell for a third day in Asia trade Thursday after figures showing high US crude stockpiles and increased Saudi production.

Official US data on Wednesday showed a jump in crude inventories, taking by surprise investors who expected a drawdown in supply, pushing prices of the commodity down by 3 per cent overnight.

While gasoline supplies and US domestic production have fallen, analysts warn that global production levels are far outstripping demand.

A monthly report from the Organization of Petroleum Exporting Countries also showed Saudi Arabian oil production at nearly 10.5 million barrels per day in July — a record high, above peak levels seen the same time last year.

At about 0710 GMT, US benchmark West Texas Intermediate for September delivery was down 16 cents to 41.55 US Dollars a barrel while North Sea Brent for October delivery was down 14 cents to 43.91 US Dollars.

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