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Oil prices down in Asia

Oil prices

Singapore:  Oil prices fell in Asian trade today after Saudi Arabia said it was pumping more oil, exacerbating a global supply glut, analysts said.

US benchmark West Texas Intermediate (WTI) for May delivery was down 57 cents at USD 46.00 and Brent tumbled 43 cents to USD 54.89.

Daniel Ang, an investment analyst with Phillip Futures in Singapore, said it was “the same fundamental issue of supply and demand” affecting the market.

“Oil prices are falling because of the bearish sentiment that people have towards oil right now,” he told AFP.

Prices have collapsed by about 60 per cent since June as global supplies of the commodity, boosted by strong production in the United States and the OPEC cartel, outpace demand.

Bloomberg News quoted Saudi Arabia’s oil minister Ali al- Naimi as saying yesterday that his country is producing almost 10 million barrels of crude a day.

Saudi Arabia, the main producer in the Organization of the Petroleum Exporting Countries (OPEC), pumped 9.85 million barrels a day in February, according to Bloomberg

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