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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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