Oil Prices Steady But Oversupply Remains a Concern.
Pulbished on:
London, 19 August 2015(Lana) Oil prices steadied on Wednesday,
consolidating after a six week rout driven by global oversupply and
concerns about falling demand in Asian economies and the United
States.
US crude oil futures were down 20 cents to $42.42 a barrel at
0925 GMT. The front month, September, US contract expires on
Thursday.
Brent crude was down 10 cents to $48.71 a barrel.
Oil prices declined by the third since June, while the prices
staggered to their lowest in six and half years last week. Analysts
say the downward price trend is caused by the oversupply and record
stockpile levels.
=Lana=