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Oil prices fall on oversupply worries

Oil prices fall on oversupply worries
Oil reserves increased by 4.8 million barrels (Photo Credit: Arabianeye-Reuters)

Mubasher: The US crude oil prices retreated below $50 a barrel on Wednesday for the second session in a row in line with worries from oversupply.

Brent crude oil dropped 1.18% or 60 cents to reach $50.18 per barrel by 04:15 GMT, while the US crude oil lost 1.38% or 69 cents to settle at $49.27 a barrel.

Oil reserves increased by 4.8 million barrels to 471.9 million barrels in the week ended 21 October, exceeding estimates of a 1.7-million-barrel growth, according to latest data issued by the American Petroleum Institute.