Commodity News
HeadLine : Oil prices retreat from $50 on oversupply concerns
Date : May 27 2016

 Oil futures dipped further in early Asian trade on Friday, finding resistance at the $50 a barrel mark as investors worried higher prices could reactivate shuttered crude output, adding to global oversupply.

Oil pushed through $50 for the first time in around seven months on Thursday as supply disruptions from Canadian wildfires and attacks in Libya and West Africa have helped cut daily output by 4 million barrels. Increased demand and a weaker dollar helped support prices.

U.S. crude (CLc1) fell 7 cents to $49.41 a barrel as of 0033 GMT after settling down 8 cents in the previous session. It touched $50.21 earlier on Thursday, its highest since early October.

Brent (LCOc1) fell 9 cents to $49.50. Brent closed down 15 cents, retreating from $50.51, its highest since early November.

 

Source: Investing.com

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