Since mid-july oil prices continue to fall

Since mid-july,Oil prices continue to fall. REUTERS NEWS - Oil prices have fallen nearly two per cent, hitting April lows and with US crude headed for its biggest monthly loss in a year, on growing worries that the world was pumping more crude than needed.
Surplus barrels of petrol already have made the glut developing in oil this year more worrisome to some than the crude oversupply of the past two years that had halved prices. US Gulf Coast petrol stocks hit record highs last week for the month of July while East Coast inventories reached all-time peaks, government data showed on Wednesday.
Market intelligence firm Genscape added to the bearish sentiment on Thursday, reporting a build of nearly 328,000 barrels at the Cushing, Oklahoma, delivery hub for US crude futures during the week to July 26, traders who saw the data told Reuters.