Oil prices sink further as glut worries returnSINGAPORE: Oil prices fell further towards the $40 mark in Asia Friday, extending losses to a seventh-straight day on renewed worries about a global supply glut, increased production. Companies were forced to shut installations earlier this year as prices sank to near 13-year lows below $30. “There is too much oil in the market, there’s an incredible amount,” Jonathan Barratt, chief investment officer at Ayers Alliance Securities in Sydney, told Bloomberg News. But the rise in recent months has led them to reopen the rigs as they become more cost-effective. Adding to downward pressure on crude is a slow but steady rise in the number of rigs coming back online in the United States.

Source: Manila Times July 29, 2016 06:33 UTC