Markets > Commodities

Oil prices fall on oversupply concerns

Xinhua Financein NEW YORK
2017-03-22 04:29

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Oil prices ended lower on Tuesday amid rising market concern about global oil glut. With no major data coming out Tuesday, investors were awaiting the closely-watched weekly U.S. crude inventory data on Wednesday.

It is widely expected that there was a crude stock buildup of 2.6 million barrels last week.

Analysts said the oil prices were also under pressure as rising output weighed on the production cut by the Organization of the Petroleum Exporting Countries and its allies.

The West Texas Intermediate for April Delivery erased 0.88 U.S. dollars to settle at 47.34 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 0.66 dollars to close at 50.96 dollars a barrel on the London ICE Futures Exchange.

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