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Oil prices drop as concerns over global fuel glut re-emerge

26-Oct-2016 :

Singapore: Oil prices fell more than a percent on Wednesday as a report showing a surge in US crude stocks, rising production in Nigeria and squabbling among producers about a planned output cut re-ignited concerns about a global supply glut.


Brent crude futures LCOc1 were down 61 cents, or 1.20 percent, at $50.18 a barrel as of 0417 GMT (8.17am Dubai).


Prices hit $50.17 earlier in the session, the lowest in about three weeks. US crude CLc1 was at $49.27 per barrel, down 69 cents, or 1.38 percent, from its settlement on Tuesday.


"Crude is on the defensive this morning following American Petroleum Institute (API) inventory numbers showing a rise of 4.8 million barrels against an expected rise of 1.7 million," said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore.


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