New York — Oil prices fell on Monday, reversing course from last week as supplies from Saudi Arabia and Russia rose and economic growth stumbled in Asia amid an escalating trade dispute with the US. Global benchmark Brent crude fell $1.16 to $78.07 a barrel by 10.33am after earlier touching a session low of $77.89. US light crude dropped 28c to $73.87 a barrel. The premium for US crude for the front month compared with the second month widened to as much as $1.98 a barrel, the most since August 20 2014. The move indicates that the market expects supply shortages to be more severe in the short term. The move came after information provider Genscape said US crude inventories at Cushing, Oklahoma, had fallen in the week, traders said. Genscape said stockpiles at the Cushing delivery hub were down 3.2-million barrels in the week June 22, but rose slightly in the four following days to June 26. Oil prices rose strongly last week, with the US crude contract hitting its highest in three-an...
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