Oil prices slide on glut fears

Oil prices fell more than 1 percent on Monday after rising stockpiles of crude and refined fuel intensified fears of another major glut building.
Market intelligence firm Genscape reported that the Cushing, Oklahoma delivery hub for US crude futures saw a supply build of 26,460 barrels in the week to July 15, traders who saw the data said.
Morgan Stanley said it still expected a supply-demand rebalancing in oil by mid-2017 but added that fundamental headwinds were growing the market. "Tail risks are admittedly large in both directions, as geopolitics add to uncertainty."
An attempted coup in Turkey barely supported the market as Istanbul's Bosphorus Strait, which handles about 3 percent of global oil shipments mainly from Black Sea ports and the Caspian region, reopened from a brief closure.
Brent crude was down 84 cents, or 1.8 percent, at $46.77 a barrel by 12:41 p.m. EDT (1641 GMT). It fell more than $1 earlier to an intraday low of $46.50.
US West Texas Intermediate (WTI) crude slid by 82 cents, or 1.8 percent, to $45.13 a barrel, after a session low of $44.86.
Prices came off session lows after a labor union said a 24-hour strike on July 26 by Wood Group oil and gas maintenance workers employed at Royal Dutch Shell's platforms in the North Sea will severely disrupt operations.

Source: Arab News