Oil extends losses after U.S. stockpile growth, record Saudi output

Crude-oil prices dropped more in early Asia trade Thursday, weighed down by the continuous growth in U.S. crude stocks and the record-high output by Saudi Arabia.

The combination of the two factors signals that, despite the multiple supply disruptions and the steady decline seen in U.S. production in recent months, the world is still very much oversupplied.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, -0.22%  traded at $41.50 a barrel, down $0.22, or 0.5%, in the Globex electronic session. October Brent crude LCOV6, -0.18%  on London’s ICE Futures exchange fell $0.22, or 0.5%, to $43.83 a barrel.

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