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Oil slips closer to six-year low on Japan data, oversupply
Oil slips closer to six-year low on Japan data, oversupplyMarkets | Mon Aug 17, 2015 10:27am EDT
LONDON | By Karolin Schaps and Lisa Barrington
Oil prices fell towards six-year lows on Monday on data showing the economy of Japan, the world's third-biggest oil consumer, contracted in the second quarter.
The global oversupply picture was exacerbated by another weekly jump in U.S. oil rig additions on Friday, hinting at growing production, and news that Oman produced a record-breaking 1 million barrels per day in July.
U.S. crude CLc1, or West Texas Intermediate (WTI), for September was trading 45 cents lower at $42.05 a barrel at 1348 GMT (0948 EDT), close to its lowest in more than six years.
....
Adding to the negative picture was data showing Japan's economy shrank at an annualized pace of 1.6 percent in April-June as exports slumped and consumers cut back spending.
LONDON | By Karolin Schaps and Lisa Barrington
Oil prices fell towards six-year lows on Monday on data showing the economy of Japan, the world's third-biggest oil consumer, contracted in the second quarter.
The global oversupply picture was exacerbated by another weekly jump in U.S. oil rig additions on Friday, hinting at growing production, and news that Oman produced a record-breaking 1 million barrels per day in July.
U.S. crude CLc1, or West Texas Intermediate (WTI), for September was trading 45 cents lower at $42.05 a barrel at 1348 GMT (0948 EDT), close to its lowest in more than six years.
....
Adding to the negative picture was data showing Japan's economy shrank at an annualized pace of 1.6 percent in April-June as exports slumped and consumers cut back spending.
