Crude-oil futures dropped Thursday after a surprise buildup in U.S. oil stockpiles and persistent oversupply concerns.
The U.S. oil benchmark moved closer to the $40 a barrel mark, after settling at a fresh six-year low in the previous session, and analysts say a breach of this level could pressure oil prices further.
Crude futures for delivery in September CLU5, +0.34% traded at $40.52 a barrel, down 28 cents or 0.7%. The September contract expires Thursday.
Meanwhile, October Brent crude LCOV5, -2.06% dropped 34 cents, or 0.7%, to $46.82 a barrel.
Nymex crude lost 4.3% in the last trading session, settling at the lowest in since March 02, 2009. Brent crude lost 3.4% in the last session and has been down for four of the past five sessions.Read the rest of this article by clicking here.
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