Business News

LONDON, Sept 1, (APP/AFP) – Oil prices weakened further Thursday with sentiment weighed down by a sharp rise in US crude stockpiles, dealers said. At 1130 GMT, US benchmark West Texas Intermediate for October delivery was down six cents at $44.64 a barrel. Brent North Sea crude for November delivery receded 11 cents to $46.78 a barrel compared with Wednesday’s close. The market plunged Wednesday after the US Department of Energy (DoE) said commercial inventories in the world’s top consumer last week rose to 525.9 million barrels — and were now 16 percent higher than the same period last year. The figures, which came despite a dip in production, poured fresh fuel on fears about a global supply glut that has dogged the crude market for several years. Output was down slightly at 8.49 million barrels per day, a drop of 60,000 barrels per day on last week. But imports rose by 275,000 barrels per day to 8.92 million barrels. “US crude stockpiles have risen while OPEC heavyweights such as Saudi Arabia and Iraq continue to pump incessantly into a market that is already heavily saturated,” said analyst Lukman Otunuga at traders FXTM. He added: “Persistent concerns over the excessive oversupply of oil in the global markets (have) haunted investor attraction towards the commodity. “It is becoming increasingly clear that investors have digested the