Oil prices fall on China stock, crude oversupply woes

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Oil prices fall on China stock, crude oversupply woes

CNBC - 7/28/2015 8:21:47 AM

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U.S. crude futures fell towards $47 a barrel, close to a four-month low, in early Asian trade on Tuesday after a stock market sell-off rattled investors, adding to concerns of an oil supply glut, although a weaker dollar put a floor under prices.

Stocks in New York and Europe fell on Monday after Chinese stocks plunged more than 8 percent in Asian trading, the biggest one-day drop in eight years and heightening worries about the health of the world's biggest energy consumer.

U.S. crude for September delivery dropped 30 cents to $47.09 a barrel as of 0020 GMT, after ending the previous session down 75 cents. It fell below $47 post-settlement, the lowest since March 24.

Brent crude oil for September delivery fell 39 cents to $53.08 after plunging $1.15, or 2 percent, in the previous session. The benchmark fell to as low as $52.90 post-settlement, its lowest since mid-March.

U.S. commercial crude oil stocks slipped by 300,000 barrels to 463.6 million barrels last week, according to a Reuters analysts poll on Monday taken ahead of weekly inventory reports.

Construction started on Monday of the first offshore windfarm in the United States, a 30-megawatt facility in Rhode Island which is due to start supplying electricity by the end of next year.

There has been no breakthrough in talks between Libya's National Oil Corporation and tribal elders to reopen oilfields, including El Sharara and El Feel, that have been closed for months by protests, an NOC spokesman said on Monday.

The U.S. dollar index was steady in early Asian trade on Tuesday after falling 0.7 percent in the previous session, while the Euro largely held onto Monday's 1 percent gain.

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