Oil prices near $50 a barrel after US data
04 May 2017 - 23:21
Oil prices fell for the fourth consecutive day yesterday, touching their lowest since March at just above $50 a barrel after US crude inventories fell by less than expected.
US data showed crude stocks fell 930,000 barrels in the week to April 28, while analysts had been expecting a drop of 2.3 million barrels.
Brent crude oil futures were down 63 cents at $50.16 by 1107 GMT, after bouncing off an intraday low of $50.01, the lowest since March 22. US West Texas Intermediate (WTI) futures fell 59 cents to $47.23 a barrel.