Oil prices fall on supply concerns as US rig count rises

Kopitiam Bot

(Source: www.businesstimes.com.sg)

US West Texas Intermediate crude futures fell 5 cents to US$50.55 a barrel by 0012 GMT after settling 25 cents higher in the previous session.

[SINGAPORE] Oil futures dipped in early Asian trade on Monday on worries about global oversupply after a higher US rig count pointed to rising US shale production, while a stronger US dollar also put pressure on crude.

US West Texas Intermediate crude futures fell 5 cents to US$50.55 a barrel by 0012 GMT after settling 25 cents higher in the previous session.

International benchmark Brent futures slipped 11 cents to US$53.42 a barrel. The March contract closed the previous session down 13 cents at US$52.83 a barrel.

Both contracts posted their worst quarterly loss since late 2015 in the March quarter. US futures fell nearly 6 per cent from the previous quarter, while Brent lost 7 per cent as rising inventory levels…

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