Oil prices drop as oversupply concerns linger

11 Aug 2017   Prices

Oil prices fell on Friday, dragged lower by persistent oversupply worries despite a bigger-than-expected drawdown in U.S. crude inventories. Investors were also keeping a close eye on the broad market impact of tensions between the United States and North Korea. Brent crude, the global benchmark, was at $51.62 a barrel at 0652 GMT, down 28 cents, or 0.54 percent from its last close. That was the lowest since Aug. 1. U.S. West Texas Intermediate (WTI) crude was down 32 cents, or 0.66 percent, at $48.27 per barrel, reaching the lowest since July 26. Oil prices touched 2-1/2 month highs on Thursday, but retreated to close down around 1.5 percent, with U.S. prices slipping back below $50 per barrel amid ongoing oversupply concerns. “Crude oil prices failed to hold recent gains, with a […]

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