Crude oil in New York falls to lowest since March

On the New York Mercantile Exchange, the West Texas Intermediate (WTI) futures dropped 49 cents, or 1.1%, to close at US$44.66 a barrel, its lowest settlement price since March.

Crude oil prices in New York fell below US$45 per barrel amid continued concern over the ongoing global supply glut, a stronger US dollar and weakness in the Chinese economy.

On the New York Mercantile Exchange, the West Texas Intermediate (WTI) futures dropped 49 cents, or 1.1%, to close at US$44.66 a barrel, its lowest settlement price since March.

On the other hand, Brent crude oil fell 7 cents, or 0.1%, to US$49.52 a barrel on London’s ICE Futures exchange.

Meanwhile, US oil production rose last week by 52,000 barrels a day to 9.5 million barrels a day amid peak summer demand season.

Separately, Iranian officials asserted that Tehran intends to quickly increase its crude oil production, once the international sanctions are lifted following the recently concluded nuclear deal.