Oil prices continue to fall from five-year low
US production is at highest in more than three decades while the country's crude inventories are expected to stay at the highest level since June, contributing to a global glut
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OIL fell for a fourth day, extending losses from a five-year low amid speculation that US crude inventories will stay at the highest level since June, offering no relief from a global glut.
Futures dropped as much as 1.2 per cent in New York. Stockpiles in the US, the world's largest oil consumer, are projected to remain at 387.2 million barrels last week, a Bloomberg News survey shows before government data on Wednesday. Hedge funds pared bullish bets on Brent crude for the first time since before the Organization of the Petroleum Exporting Countries' (Opec) decision last month to maintain output quotas accelerated the market's collapse.
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