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Spot prices of Western Canada Select (WCS), a marker for heavy, diluted bitumen from Alberta’s oil sands sank to a 12-year low near $20 a barrel. WTI may drop to $US32 on the persisting global surplus, Citigroup Inc. said in a report August 19.

Leading members of the Organization of Petroleum Exporting Countries are maintaining output, while Citigroup Inc. predicts crude may slide to as low as $32/bbl, a level last seen during the world financial crisis.

US crude inventories continued to rise last week, as imports rose and shale production fell slower than expected, despite falling prices.

US benchmark West Texas Intermediate (WTI) for September delivery dropped 17 cents to Dollars 42.06 in late-morning trade after falling below USD 42 a barrel earlier in the session, the lowest price since March 2009.

“While this is a clear sign that low prices will lead to less production, it was not enough to convince people yesterday”, Commerzbank senior oil analyst Carsten Fritsch said. Meanwhile, Nymex September West Texas Intermediate Crude dropped 4.7 per cent, or $2.02, to...

Oil prices dived Wednesday as a government report showed that U.S. crude stockpiles of last week increased unexpectedly. The figure was 2.62 million barrels higher than it was the previous week, and disappointing to economists who had been expecting a decline of 820,000 barrels....

Traders are girding for further weakness with the end of summer driving season. Prices consolidated after a six-week rout driven by global oversupply and concerns about falling demand in Asian economies and the United States.US government data on crude stockpiles is due at 10:30...

Light, sweet crude for September delivery dropped $1.27, or 3%, to $41.35 a barrel on the New York Mercantile Exchange.

US crude oil, also known as West Texas Intermediate or WTI, was down 45 cents at US$40.35 a barrel by 0910 GMT, after hitting a new 6-1/2-year low of US$40.23.

In addition, the outage of a 290,000 barrel-per-day distillation unit at BP PLC’s Whiting refinery in Indiana was thought to reduce commercial crude demand, further adding to stockpiles.

Oil traders are bracing for a rapid build-up in inventories in the coming weeks, likely testing Cushing’s storage capacity limits, as refiners shut for spring maintenance; the rise may be swifter than expected due to the unexpected prolonged closure of the biggest crude...

“Devaluation of the yuan means a stronger U.S. dollar and that’s likely to weigh on commodity prices“, Michael McCarthy, a chief strategist at CMC Markets in Sydney, said by phone.

A man fills up his auto at a petrol station in Rome January 6, 2015.

Another supply challenge to watch is shale drilling in the U.S. Despite the plunge in oil prices, drillers have been stubborn about cutting production.

Federal data published Wednesday show total U.S. crude oil production increased by 52,000 barrels to 9.5 million barrels per day.