Oil Stock Market News - Crude Oil Fell In Asian

Brent falls to another 12-year low on oversupply gloom

Crude oil fell in Asian trade on Thursday, with Brent marking another 12-year low amid gloom over a world awash with supply and concerns about global economic growth hitting equity markets.

Brent LCOc1 dropped as far as $29.73, the lowest since February 2004 and down more than 1.5 percent. It was down 47 cents at $29.84 a barrel at 0145 GMT and the contract has fallen every trading this year.

West Texas Intermediate (WTI) CLc1 erased earlier gains and was down 12 cents at $30.36 a barrel. It settled at $30.48 on Wednesday, up 4 cents, the contract's first gain in 2016.

A bearish report from the U.S. Energy Information Administration on Tuesday underlined concerns that demand is stagnating as more supply comes to market.

Data showing that crude inventories USOILC=ECI rose 234,000 barrels last week, much less than expectations, was overshadowed by reported builds of 8.4 million barrels in gasoline USOILG=ECI and over 6 million in distillates, which includes diesel and heating oil USOILD=ECI. <EIA/S>

In Tokyo on Thursday, the Nikkei 225 .N225 was down nearly 4 percent, after data showed core machinery orders fell 14.4 percent in November from the previous month.