Oil prices fall further in Asia as US stockpiles rise

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Oil prices fall further in Asia as US stockpiles rise

SINGAPORE, April 14, (APP/AFP): Oil prices extended losses in Asia Thursday following a rise in US commercial crude stockpiles, while traders turned cautious ahead of a crunch producers’ meeting.

A warning by the Organization of the Petroleum Exporting Countries that the world remains oversupplied also dampened sentiment as key producer nations prepared to gather in Doha for Sunday’s talks on freezing output.

At around 0250 GMT, US benchmark West Texas Intermediate for delivery in May was down 47 cents, or 1.13 percent, at $41.29 and Brent crude for June dropped 48 cents, or 1.09 percent, to $43.70 a barrel.