Oil prices fall further as global glut expands

Crude oil futures extended their losses yesterday after notching up declines every day so far this week, hit by growing US stockpiles and an expanding global glut.

Oil prices fell more than 1% yesterday; down for the fourth day as the US government reported a larger-than-expected crude stockpile build.

Some analysts said the slide could have been even steeper if not for a bigger-than-expected drawdown in gasoline supplies. The Energy Information Administration (EIA) said crude inventories rose by 7.6m barrels for the week ended October 9.