NYMEX crude prices down in Asia as deamnd lags global supply

                      Crude oil prices continued to fall in Asia on Friday with demand seen lagging global supplies though geopolitical events offer a floor.

On the New York Mercantile Exchange, West Texas Intermediate Crude oil for delivery in September traded at $97.77 a barrel, down 0.41%, after hitting an overnight session low of $97.96 a barrel and a high of $99.84 a barrel.

Brent oil on ICE Futures Europe fell 0.5%, to $106.02 a barrel. Prices fell 5.6% this month and are down 4.3% so far this year.

OPEC countries pumped more oil in July than in June, according to Reuters data, which sent oil futures dropping on fears the world is awash in crude.

Reuters reported that supply from OPEC member states averaged 30.06 million barrels per day (bpd) in July, up from 29.92 million bpd in June.

Fears that conflicts in the Middle East were going to disrupt supply never panned out, which softened oil prices despite consensus that the global economy continues to recovery, the U.S. especially. - investing.com