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Global oil price drops amid over-supply in the market

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Global oil price drops following investor’s concern of over-supply in the market. The West Texas Intermediate (WTI) reference for September shipment dropped US$1.06 to $43.13 per barrel in the New York Mercantile Exchange. This is the lowest in 3 months. In London, Brent North Sea for September shipment reached the lowest since May, dropping 97 cents at $44.72 per barrel. Analysts said that dollar rebound has given pressure to oil supply, thus the price remains high.

 

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Source: The Insiderstories
Global oil price drops amid over-supply in the market

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