Oil price drops influenced by oversupply in market

-Crude dipped to $48.10 on Monday due to oversupply from OPEC countries

home > Oil, Finance, Invesments 23.05.2016 12:25 Uğur Ertaş

Oil price drops influenced by oversupply in market

Global crude oil price dropped to $48.10 per barrel due to oversupply from OPEC countries and Iran’s refusal to stop production.

The oil price fluctuated throughout the previous week, between $47 and hit close to $50 per barrel.

Crude hit $49.85, the highest level of 2016 on May 18, pushed by global output disruptions from Canada, Nigeria, Venezuela and Libya causing about 2.5 million barrels in production losses per day.

Meanwhile, U.S. West Texas Intermediate crude decreased by more than 1 percent to $47.88 on Monday.

By Ugur Ertas

Anadolu Agency

ugur.ertas@aa.com.tr

 

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