SINGAPORE: Oil prices further fall in Asian markets as a global glut of crude supplies showed no signs of abating in the face of low demand.
US benchmark West Texas Intermediate (WTI) for September delivery fell 63 cents to $41.87 a barrel in late morning trade, the lowest since March 2009. Brent crude for October, a new contract, was down 65 cents to $48.54.
But oil came under renewed pressure in Asia after the latest data showing the number of rigs drilling for US oil increased last week, the sixth rise in seven weeks, sources said.
