Oil prices looked set to continue a multi-week decline in Asian trade today on concerns over a global oversupply of crude and mixed prospects for energy demand. US benchmark West Texas Intermediate (WTI) for September delivery was at USD 44.83, down from USD 47.12 a week ago, and on course for its eighth consecutive week of declines. The United States is producing crude at high levels and output by the Organisation of the Petroleum Exporting Countries (OPEC) continues to exceed the cartel’s quota of 30 million barrels per day.
Oil prices set to continue multi-week decline
