Crude prices struggle after a week of losses

Crude oil prices were slightly up in Asia trade Friday morning, but have mostly underperformed this week as glut of oil products in the market is stoking concerns that demand for crude by refiners will shrink.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, -0.98%  traded at $44.71 a barrel, down $0.09 in the Globex electronic session. September Brent crude LCOU6, -0.69%  London’s ICE Futures exchange rose $0.08 to $46.28 a barrel. Week-to-date, U.S. oil prices have fallen 3.8% while Brent was last 2.5% lower.

Oil prices have been struggling in recent weeks as more data show inventories of gasoline are growing globally. Despite being in the midst of the annual driving season, U.S. gasoline stocks have increased. Last week, gasoline stockpiles grew by 900,000 barrels to 241 million barrels, gaining for four out of the last five weeks. The volume is “well above the upper limit of the average range,” said the U.S. Energy Department.

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