Oil prices down in Asia as worries increase over global glut in supply


AFP

SINGAPORE–Oil prices fell in Asia Thursday, pressured by concerns about a global supply glut and a stronger dollar, analysts said.

U.S. benchmark West Texas Intermediate for November delivery slipped three cents to US$90.70 while Brent crude for November eased 10 cents to US$94.06 in afternoon trade.

Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy EY, said prices were hit by the “strengthening U.S. dollar, which is at a four-year high against major currencies.”

The U.S. dollar bought 108.75 yen in Asian trading on Thursday, against 108.91 yen in New York late Wednesday after earlier breaching the 110-yen mark briefly. However, it is still at highs not seen since 2008.