Reuters
Singapore
Oil fell on Monday over signs that U.S. shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia.
Brent crude was trading at $46.38 per barrel at 0653 GMT (02:53 a.m. EDT), down 38 cents from its last settlement. U.S. West Texas Intermediate (WTI) crude was down 46 cents at $44.95 a barrel.
Physical markets were also under pressure. Rising Canadian oil flows are having difficulty finding space in pipelines, weighing on Canadian prices, now at a $15 discount to WTI.
Iran set the official selling price of its light grade for Asia at $0.45 above the Oman/Dubai average for August, down 40 cents on the month.
Traders said the lower prices were a result of Asian refiners beginning to cut crude orders, and also to the region's economic slowdown.
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