New York, Aug 7 (IANS) Oil prices fell as traders worried that global supply might exceed the demand.
The global oversupply is currently running at two million barrels a day, compared to 1.8 million during the first six months of the year, Xinhua quoted a Goldman Sachs report on Thursday.
US crude production added 52,000 barrels to 9.465 million barrels a day that week, according to Energy Information Administration (EIA)’s weekly report.
Traders also anticipated more Iran crude would come to the already well-supplied oil market as the sanctions would be lifted.
The west Texas intermediate for September delivery moved down 49 cents to settle at $44.66 a barrel on the New York mercantile exchange, while Brent crude for September delivery decreased seven cents to close at $49.52 a barrel on the London ICE future exchange.