Oil falls to seven-month low on more signs of growing crude glut

Oil falls to seven-month low on more signs of growing crude glutOil prices fell about 1 percent on Monday to a seven-month low as market players saw more signs that rising crude production in the United States, Libya and Nigeria undercut OPEC-led efforts to support the market with output curbs. "We're seeing more tankers used for storage and more crude from West Africa and Europe being offered into the U.S. Gulf Coast at the same time the Gulf Coast has been an exporter of light sweet crude," said Andrew Lipow, president of Lipow Oil Associates in Houston. Both benchmarks are down more than 15 percent since late May, when producers led by OPEC extended by nine months their pledge to cut output by 1.8 million barrels per day (bpd).

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