Oil is headed to the longest decline in three weeks attributing this fall to the excessive supply which has indicated that a six year low will be extended.

Oil futures lowered down as much as 1.6% in New York which accounted to an eight weekly decline



U.S generated crude in July in the shortest possible time which was recorded at its quickest since 1920 as per the report generated by the American Petroleum Institute reported Thursday. The nation holds an existing stock of almost 100 million barrels for a 5 year seasonal average shown by the weekly government data on Wednesday.

Oil has declined more than 30% in this year and the members of the OPEC have been consistently supplying. Citigroup Inc has predicted that crude may fall to $32 a barrel which is known to be the lowest since the world financial crisis.

October delivery numbers at West Texas Intermediate have lost 67 cents to $40.65 a barrel and the New York Mercantile Exchange lost $40.84. The prices for September contract have expired on Thursday after increasing to 34 cents to $41.4. Overall, prices have decreased by 5.3% this week.