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Oil prices fall on oversupply fears

Oil prices fell in Asian trade on Monday, extending weeks of losses after a US report stoked expectations of a global glut of suppliers.
Oil prices edge up, but glut fears cap gains

US benchmark West Texas Intermediate for August delivery rose 19 cents to USD 51.10 a barrel and Brent crude for September, a new contract, advanced 20 cents to USD 57.12.
Fall in crude prices a short-term event, say expert

Brent crude fell on Monday below USD 70 dollar to hit its lowest level in four years. This is the worst losing streak for crude since the 2008 global financial crisis.

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