Oil Prices Drop by About 2.5% amid Concerns of Oversupply

November 29, 2018

Oil prices fell by around 2.5% on Wednesday after US crude inventories rose for the 10th week in a row and hit their highest level in a year, furthering concerns about a global oversupply.

US crude fell by US $1.27, or 2.5% to US $50.29 a barrel, its lowest since October 9, 2017.

Brent crude dropped by US $1.45, or 2.4% to settle at US $58.76 a barrel.