Investing.com - Oil prices extended losses from the prior session in North American trade on Thursday, falling to a new three-month low amid ongoing concerns over a global glut of oil and refined products.
Crude oil for September delivery on the New York Mercantile Exchange fell to a session low of $41.66 a barrel, a level not seen since April 20. It was last at $41.81 by 13:35GMT, or 9:35AM ET, down 11 cents, or 0.26%.
A day earlier, New York-traded oil lost $1.00, or 2.33%, after U.S. government data revealed a surprise build in crude and gasoline inventories last week.
The Energy Information Administration said that crude oil inventories rose by a surprising 1.7 million barrels last week to 521.1 million barrels, which the EIA considered to be “historically high levels for this time of year”.
The report also showed that gasoline inventories increased by 452,000 barrels. Despite being in the midst of the peak summer-driving season in the U.S., gasoline stocks are well above the upper limit of the average range, according to the EIA.
U.S. oil has been under pressure in recent weeks as signs of an ongoing recovery in U.S. drilling activity combined with elevated stocks of fuel products weighed.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery inched down 7 cents, or 0.16%, to $43.84 a barrel, after falling to a daily low of $43.51 earlier, the weakest since April 20. On Wednesday, Brent declined $1.32, or 2.92%.
London-traded Brent futures have been under pressure recently as prospects of increased exports from Libya and Iraq added to concerns that a glut of oil products will cut demand for crude by refiners.
Oil prices are down nearly 18% since peaking above $50 in early June, as high inventories of gasoline products cloud the future outlook for crude.