LONDON — The cost of oil fell 1% in early trade on Friday
morning, amid fears of oversupply.
UK Brent is down 1.02% to $47.62 a tub at 7.25 a.m. BST (2.25
US West Texas Intermediate oil is down 1.12% to $45.01 at the
David Madden, a marketplace researcher at CMC Markets, says in an email
on Friday morning: “Oil primarily surged after the energy
information group (EIA) reported a 6.3 million-barrel draw in
oil inventories, and traders were expecting a draw of 2.3
million barrels. The gains were given up after a few hours and
oil forsaken to a new low of the day yesterday.
“The American Petroleum Institute (API) announced a much bigger
than approaching dump in inventories on Wednesday – so the EIA
report wasn’t a sum shock. Even yet US stockpiles of oil are
at its lowest turn given January, the concerns about global
deluge are still doing the rounds.”
Get the latest Oil WTI cost here.