Oil falls amid concerns over supply glut

Media In-Agencies 18-12-2018
Brent crude prices fell more than a dollar, retreating for a third consecutive session as concern over oversupply is sparked by reports of rising stockpiles and expectations of record oil production in the United States.
Traders say prices are under pressure over concerns about future oil demand as global economic growth weakens and doubts about the effectiveness of planned output cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
Brent crude for June delivery was $ 58.62 a barrel, down 99 cents, or 1.66 percent, from the previous close.
Brent, which fell more than 4 percent in the last three sessions, fell to $ 58.10 a barrel today, down more than $ 1.50 from the previous close.
WTI futures fell 91 cents, or 1.82 percent, to $ 48.97 a barrel.
Brent crude and US crude have fallen more than 30 percent since early October due to a global stockpile, with WTI trading at unregistered levels since October 2017