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Oil is trading lower amid market glut concerns
This morning, the New York futures for Brent have fallen in price by 1.06% to $ 49.43 and WTI lost 0.83% to $ 50.37 per barrel. Thus, the black gold is traded in the red zone on news about the growth of US oil reserves, increased production in Nigeria, as well as controversy about the planned OPEC production cut and revived concerns about the global oil market glut.
According to the American Petroleum Institute inventories rose by 4.8 million barrels while expectations were for +1.7 million. Energy Information Administration will publish the official data later in the US session.
According to analysts, the debate within OPEC about the planned restriction of production later this year also put considerable pressure on the oil markets.
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