Amwal Al Ghad English - 2015-08-17 07:37:55
Oil prices fell to near six-year lows on Monday as Japan's economy contracted and producers in the United States added drilling rigs for a fourth straight week despite a recent rout in prices.
Japan's economy, the second biggest in Asia and No.3 in the world, shrank in the second quarter from a year earlier, adding to fears that slowdowns in Asia's biggest economies will weigh on oil demand.
U.S. crude CLc1, or West Texas Intermediate (WTI), was trading 58 cents lower at $41.92 a barrel at 0423 GMT (0023 EDT), close to more than six-year lows.
Brent futures LCOc1 were down 54 cents at $48.65 a barrel, still some way from their 2015-low of $45.19.
U.S. energy firms added oil rigs for a fourth straight week to the highest number since early May, data from energy services firm Baker Hughes Inc (BHI.N) showed. More»