Oil prices extended losses from last week in European trade
on Monday, as analyse over a global supply glut increase after data showed that
the U.S. oil rig count rose for the fourth week in a row last week.
Crude oil for
September delivery on the New York Mercantile Exchange fell to a session low of
$43.98 a barrel. It last traded at $44.02 by 08:03GMT, or 4:03AM ET, down 17
cents, or 0.38%.
On Friday, New York-traded oil fell to $43.74, a level not
seen since May 10, amid signs of an ongoing recovery in U.S. drilling activity.
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| CrudeOil News- SapForex24 |
Oilfield services provider Baker Hughes said late Friday
that the number of rigs drilling for oil in the U.S. last week increased by 14
to 371, the fourth straight weekly rise and the seventh increase in eight
weeks.
The U.S. benchmark lost $1.93, or 3.83%, last week, after
weekly supply data showed a surprising increase in gasoline inventories.
According to the U.S. Energy Information Administration,
gasoline inventories rose by 0.9 million barrels, unsatisfactory expectations
for a decline of 0.8 million barrels.
Elsewhere, on the ICE Futures Exchange in London, Brent oil
for October delivery inched down 14 cents, or 0.3%, to $45.95 a barrel, after
falling to a more than two-month low of $45.17 on Friday.
London-traded Brent futures declined $2.23, or 4.03%, last
week, as prospects of increased exports from Libya and Iraq added to concerns
that a glut of oil products will cut request for crude by refiners.
