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Oil prices retreat from $50 on oversupply concerns, stronger dollar

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Oil prices retreat from $50 on oversupply concerns, stronger dollar

Post by Admin on Fri May 27, 2016 9:56 am

Oil futures slipped in Asian trade on Friday after hitting resistance at the $50 a barrel mark as investors worried higher prices could reactivate shuttered crude output, adding to global oversupply, Reuters reported.

Prices were also pressured by a strong dollar that was buoyed by generally positive U.S. economic data amid growing expectations of a near-term rate hike, according to Reuters.

Brent LCOc1 fell 34 cents, or 0.7%, to $49.25 by 0652 GMT on Friday, retreating further from the previous session's $50.51 peak, its highest since early November.

U.S. crude CLc1 dropped 31 cents, or 0.6%, to $49.17 a barrel after touching $50.21 on Thursday, it's highest since early October, according to the report.

Oil pushed through $50 for the first time in around seven months on Thursday after supply disruptions from Canadian wildfires and attacks in Libya and West Africa helped cut daily output by 4 million barrels, but eased to close down on the day, Reuters writes.

"In the next few months oil prices could stay in the high $40-$50 mark. We are entering the U.S. driving period so seasonal demand might provide underlying support to oil prices," said Yvanne Lai, senior analyst at National Australia Bank...............

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