Oil prices fall for second day on oversupply concerns

3 Oct 2017   Prices

Oil prices fell on Tuesday, declining for a second day and sapping more strength from a third-quarter rally, amid signs that a global glut in crude may not be clearing as quickly as some had hoped. U.S. crude CLc1 was down 14 cents, or 0.3 percent, at $50.44 a barrel by 0149 GMT, after closing the previous session down $1.09, or 2.1 percent. The U.S. benchmark posted a third quarter gain of around 12 percent, its strongest quarterly climb since the second quarter of 2016, but has now dropped nearly 5 percent from a six-month high reached on Thursday. Brent crude LCOc1, the global benchmark, was down 19 cents, or 0.3 percent, at $55.93 a barrel. The contract fell 67 cents, or 1.2 percent, in the […]

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