Oil keeps to three-month minimums as oversupply weighs
On Thursday, crude prices stood still just above three-month minimums as crude producers kept pumping more than required, thus filling inventories, while economic growth prospects seemed downbeat.
Brent crude futures slumped 10 cents, being worth $43.37 per barrel. As for US light crude futures, they stood intact at 41.92.
Both crude benchmarks achieved multi-month minimums on Wednesday after American government data disclosed a surprise surge in oil as well as gasoline inventories. The build contributed to an already impressive global refined product glut.
American commercial stocks appear to be a good indicator of the oversupplied nature of the global crude market, as many financial analysts state.
Crude markets have been heavily affected by oversupply for the last two years and edged down by approximately 70% between 2014 and early 2016, when Brent achieved the lowest value for about a decade at approximately $27 per barrel.