Oil Price Falls and Supplies Increase

Oil prices fell last week. Brent fell below $46 per barrel to $45.79, and WTI fell to $43.18. Over the past two weeks prices have declined 9-10% due to increases in worldwide supply. Monthly reports from IEA and OPEC indicate that Libya and Nigeria are both building stockpiles of oil following internal strife. Iran continues increase export levels, rising to over 2 million barrels per day in August. Most of the new Iranian oil is going Asia and Europe, with India importing more from Iran than it has in over 15 years. In the U.S. both the rig count and production continue to rise.