Oil dips as global supplies rise, fresh concerns over Asian economiesOil prices started August trading with fresh falls on Monday after several bearish reports, including rising output from OPEC, a rise in U.S. drilling and weak economic data from Asia. Just as oil supplies were rise, new economic concerns arose. In the United States, drillers last week added oil rigs for a fifth consecutive week as part of the biggest monthly rig count increase in over two years, Baker Hughes Inc said on Friday, adding three oil rigs to a total of 374, compared with 664 a year ago. ET on Sunday), down 7 cents from their last close in July, when they already lost 12 percent over the month. Overproduction of crude and a wave of refined products were the main factors weighing on oil.

Source: VietNamNet News August 01, 2016 01:41 UTC