Oil prices drop to three-week low on fears of bigger U.S. glut

U.S. prices sank to a more than three week low in early Asian trade Wednesday as the prospect of bigger U.S. crude stocks indicate the global oil glut could be more stubborn than previously thought.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July CLN6, -0.97%  was last down $0.73, or 1.5%, at $47.76 a barrel, after dropping to $47.55, the lowest intraday level since May 23.

August Brent crude LCOQ6, -0.98%  on London’s ICE Futures exchange fell $0.76, or 1.4%, to $49.07 a barrel, the lowest level since early June. Earlier in the session, the grade fell to $48.91, the lowest intraday day level since June 2.

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