Oil falls below $50-mark on rising US inventories

29/11/2018 Argaam

 

Crude oil prices slipped further down today on fresh oversupply concerns after the US Energy Information Administration data showed crude oil inventories rose 3.6 million barrels for the week to November 23.

 

By 12:15 pm Riyadh local time, Brent Crude futures were down 1.29 percent to $58.00 a barrel, while WTI crude futures were trading below $50 mark (for the first time in more than a year) to $49.74 a barrel, diving 1.09 percent. 

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