Oil prices fell in Asian trade on Wednesday as concerns over global oversupply outweighed the impact of a likely larger than expected draw in U.S. crude stocks and a weakening dollar. Asian investors focused on OPEC production figures that showed members of the Organization of the Petroleum Exporting Countries produced around 3 million barrels of oil per day more than daily demand in the second quarter, a Reuters survey showed. “Glut is the word,” said Ric Spooner, chief market analyst at Sydney’s CMC Markets. OPEC members pumped 31.25 million barrels per day (bpd) in the second quarter against demand of 28.26 million bpd, the Reuters data showed. Both Brent and U.S. crude came off session lows on Tuesday after data from industry group the American Petroleum Institute showed U.S. commercial crude stocks fell by 1.9 […]