TODAYS CRUDEOIL NEWS BY SHREEMCX

Oil prices fell today in Asia amid rising concerns about looming oversupply as the U.S. continues to increase drilling activity.

Global oil markets are facing the risk of returning into oversupply after being in a slight deficit for much of last year.
Rising drilling activity in the U.S. points to further increases in output.

According to the International Energy Agency (IEA), non-OPEC supply, led by the U.S., will grow by 1.8 million bpd this year, while demand will only grow by about 1.5 million bpd.

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