US oil prices drop 1 per cent on oversupply fears

US West Texas Intermediate (WTI) crude futures were at $49.35 per barrel at 0035 GMT, down 1.06 per cent, or 53 cents, from their last settlement.

“Crude oil prices were lower amid fears of weaker demand pushing inventories higher in the United States,” ANZ Bank said on Tuesday.

“Investors also remained concerned that Opec will struggle to keep to its agreement to reduce output. This is likely to see prices remain under pressure until there is evidence that output is being cut,” ANZ Bank said in a note.

 

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