* WTI hovers slightly above $40/b, Brent tests $47/b support
* U.S. stocks rose 2.6 mln barrels to 456.21 mln barrels
* Saudi June exports up 430,000 bpd
By Henning Gloystein
SINGAPORE, Aug 20 (Reuters) - Oil markets opened up weak on
Thursday following sharp falls the previous session, with U.S.
contracts hovering slightly above $40 per barrel, levels not
seen since the credit crunch of 2009, and globally traded Brent
tested support at $47.
U.S. West Texas Intermediate (WTI) crude oil slumped over 4
percent on Wednesday to hit a 6-1/2-year low as a huge
unexpected stockpile build in the United States reinforced
concerns about a growing global oil glut.
U.S. crude inventories rose 2.6 million barrels last week to
456.21 million barrels, the government's Energy Information
Administration said.
And markets opened up weak again on Thursday. U.S. crude
futures CLc1 were trading at $40.69 per barrel at 0024 GMT,
levels not seen since the peak of the global financial crisis of
2008/2009. Brent LCOc1 was down 11 cents at $47.05 a barrel.
"WTI prices plunged to the lowest level in more than six
years after an EIA report showed that U.S. crude stockpiles
unexpectedly rose 2.6 million barrels against market
expectations for a small decline," ANZ bank said on Thursday.
"Despite the weak price environment, the biggest OPEC
producer, Saudi Arabia, boosted its oil exports," it added.
Saudi Arabia exported 7.365 million barrels per day (bpd) in
June, up from 6.935 million bpd in May, figures published by the
Joint Organisations Data Initiative (JODI) showed.
The bearish sentiment is also visible in the long-term
derivatives market.
Contracts for delivery of crude oil in the future on the big
commodities markets such as the New York Mercantile Exchange
CME.O and the InterContinental Exchange ICE.N show the price
of oil for delivery in five years' time has collapsed in recent
months, implying that traders do not expect a price recovery any
time soon.
U.S. crude prices for delivery in 2020 cost only about $20
more than they do now, a price difference that falls further
when adjusted to expected inflation and interest rates.
(Editing by Michael Perry)