Oil stays below $47 as U.S. inventory report revives glut worries
Oil edged lower towards $47 a barrel on Wednesday after an industry report said U.S. inventories increased, reviving concerns that a three-year supply glut is far from over. The American Petroleum Institute (API) said on Tuesday U.S. crude inventories rose by 851,000 barrels last week, while analysts expected a decline. “There appears to be no end to the bearish news on the oil market,” said Carsten Fritsch, analyst at Commerzbank.
Source:: https://finance.yahoo.com/news/oil-prices-drop-rising-u-002808894.html
