You are here

Oil extends weekly fall as glut bigger than thought

Global supply surplus could force prices to as low as US$20 a barrel, says Goldman

BT_20150912_OIL12_1874655.jpg
OVER PUMPING: Record-high oil inventories in developed nations won't start to diminish until the second half of 2016, and the revival of Iranian exports with the removal of sanctions may swell supplies further, said IEA.

New York

OIL deepened its weekly decline as Goldman Sachs Group Inc said a global supply surplus could force prices to as low as US$20 a barrel.

Futures fell after two weeks of gains. Goldman said the world's oil glut is even bigger than it thought, according to an e-mailed report