Oil prices sink as supplies rise

A global oil surplus is driving US crude prices to fresh lows. Benchmark US oil-futures prices approached a 16-month low for the second time in three trading sessions on Monday before recovering. Oil for October delivery ended at $92.92 a barrel, down more than 13% from highs for the year hit in June. Both US and world prices have tumbled over the past few months, as weak demand and robust global production left extra crude sloshing around the market. The glut is having ripple effects in the US Stockpiles in one of the nation's biggest storage hubs are rising, reinforcing the downward pressure on US prices, analysts say. Falling crude prices could be good news for a US economy still struggling through an uneven recovery. Gasoline prices fell to a national average of $3.39 a gallon Monday, according to AAA, and are running nearly 4% below year-ago levels. Commerce Department data last week showed consumer spending rose as gasoline spending fell, according to wsj.com