Oil approaches key $40 level in Asian trade

US benchmark West Texas Intermediate (WTI) for delivery in September, which expires Thursday, dipped 21 cents to $40.59 in afternoon trade after falling sharply in New York to its lowest level since March 2009. Brent crude for October dropped 28 cents to $46.88 a barrel. "US stockpiles unexpectedly expanded when the market was looking at a contraction, which heightened the global oversupply concerns," said Bernard Aw, a market strategist at IG Markets in Singapore.