US crude prices dip due to rising stocks

Figures released by the American Petroleum Institute have shown that crude oil stocks rose by 1.3 million barrels in the US last week.

Unsurprisingly, this has had a detrimental impact on US crude prices for September delivery, which have fallen by 42 cents, Reuters reports.

The commodity is hovering just over the $88 a barrel mark in the North American country and many experts had predicted the nation's oil stocks to fall last week, but this did not happen.

Inevitably, concerns over the eurozone economy are also causing problems in the oil markets, as demand for the energy source is expected to be low across the continent for the foreseeable future.

Business surveys have indicated that the region's private sector shrank for the sixth month running in July.

Despite the problems, some important acquisitions have still taken place this week.

China's Sinopec made a $1.5 billion deal with Canadian organsiation Talisman Energy, which will see the former take a 49 per cent stake in the latter's North Sea assets.