Crude prices sag on firm oversupply concerns

Crude prices sag on firm oversupply concerns

On Friday, crude prices went down, suppressed by ongoing concerns as for oversupply notwithstanding a bigger-than-expected dip in American crude inventories.

Market participants were also monitoring the broad market impact of tensions between America and the United States.

Brent crude futures slid 0.58% being worth $51.60 a barrel.

In the USA, West Texas Intermediate crude futures descended 0.64% hitting $48.28 a barrel.

On Thursday, crude prices hit 2-1/2 month maximums, but rebounded to close down 1.5%, with American prices getting back below $50 per barrel amid everlasting oversupply worries.

According to official data, US crude inventories slumped abruptly by 6.5 million barrels by August 4 because refiners increased run rates to the highest value for 12 years because of strong demand.

However, doubts are still actual over whether enough oil would be consumed to tame a global glut after on Thursday OPEC told about another leap in the crude cartel's output, even though it increased outlook for crude demand in 2018.



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