Oil hovers at 2-month low on glut worries

Crude-oil prices pared losses in early Asian trade Tuesday but lingered around a two-month low as a pick up in U.S. oil drilling activities and supply growth elsewhere firmed up the view that a rebalance in the oil market will take longer than expected.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in August CLQ6, -0.09%  at $44.72, off $0.09 in the Globex electronic session. September Brent crude LCOU6, -0.02%  London’s ICE Futures exchange was flat at $46.25 a barrel.

Despite the minor gains, both grades were last down more than 3% from a week a ago.

“Oil prices continued their period of weakness as investors remained concerned that increasing exploration activity in the U.S. would see U.S. production and inventories remain high,” ANZ Research said in a note.

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