"The narrative of a balanced oil market (in the second half of 2016) has so far been an illusion," UBS oil analyst Giovanni Staunovo said. It ended Thursday down 2.2 percent and is on track to close the week also more than 2.5 percent lower. West Texas Intermediate traded as low as $44.25 a barrel and was currently fetching $44.52, down 23 cents from the previous close. The contract closed 2.1 percent lower in the previous session, and is on track for a decline of more than 2.5 percent for the week.U.S. "Brent crude fell to a more than two-month low of less than $46 per barrel, but were trading at $46 as of 1329 GMT, down 20 cents.

Source: Economic Times July 22, 2016 13:52 UTC