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Oil prices fall on oversupply
The Saudi Gazette Published in The Saudi Gazette on 24 - 02 - 2015

LONDON — Oil prices fell more than a dollar on Monday as worries about oversupply and a strong dollar pushed Brent futures to around $58.50 a barrel and US contracts below $49 a barrel.

"The term structure of oil continues to weaken and inventories keep piling up," Bank of America Merrill Lynch said in a note.

Brent crude was trading $1.66 lower at $58.56 at 8.26 a.m. ET. Benchmark US WTI crude April futures were trading down $1.54 at $48.80 a barrel.

WTI's March futures settled at $50.34 a barrel on Friday, expiring as the front-month contract. The dollar was up 0.58 percent against a basket of currencies. — Reuters

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