Crude sags for second day on oversupply worries

Crude sags for second day on oversupply worries

On Tuesday, crude prices went down, dipping for a second day and losing more strength from a third-quarter soar, amid indications that a global glut in crude might not be clearing as rapidly as some had expected.

American crude futures CLc1 slumped 0.3% being worth $50.44 having closed the previous session down 2.1%.

The US benchmark reported a third quarter revenue of approximately 12%, which is its strongest quarterly ascend since the second quarter of last year, although it has currently sagged 5% from a six-month maximum hit on Thursday.

Brent crude futures slid 0.3% demonstrating an outcome of $55.93 a barrel.

On Monday, Iraq told that exports inched up moderately from its southern oilfields in September, while an earlier Reuters poll showed that the Organization of the Petroleum Exporting Countries managed to boost crude output.

The previous week crude soared on tension in Iraqi Kurdistan right after the region's independence vote. Turkey threatened to close a pipeline, which supplies oil to the Mediterranean from the region in northern Iraq.

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