Tuesday, April 5, 2016

Crude Oil Prices Fall Further

Crude oil prices fell in early Asian trading on Tuesday on signs of weakening gasoline demand, long a pillar of support for struggling fuel markets, in both North America and Asia.

Front month U.S. West Texas Intermediate (WTI) crude futures were trading at $35.39 per barrel at 0015 GMT, down 30 cents from their last settlement.

International Brent futures were down 23 cents at $37.46 a barrel.

The declines extended falls from the previous two sessions as investors doubted that producers will be able to rein in global overproduction that has seen crude prices tumble by as much as 70 percent since mid-2014.

Tuesday's declines came after U.S. gasoline demand fell for the first time in 14 months while oversupply and slowing economic growth in Asia forced some traders to store unqwanted gasoline aboard tankers as onshore storage facilities in Singapore and Malaysia are filled to the rims.

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