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[size=36]Oil falls more than 3% on concerns of oversupply[/size]
Economy | 08:20 - 02/05/2019
BAGHDAD -
Oil prices fell sharply during trading on Thursday, with US crude falling more than 3 percent as the market was hit by worries about oversupply that covered US termination of exemptions for some crude purchases from Iran and a sharp increase in oil inventories in the states United Nations.
US crude fell $ 2.40, or 3.77 percent, to $ 61.20 a barrel by 1810 GMT, heading for its biggest weekly drop since February.
Brent crude futures fell $ 2.25, or 3.10 percent, to $ 69.93 a barrel.
Oil prices fell sharply during trading on Thursday, with US crude falling more than 3 percent as the market was hit by worries about oversupply that covered US termination of exemptions for some crude purchases from Iran and a sharp increase in oil inventories in the states United Nations.
US crude fell $ 2.40, or 3.77 percent, to $ 61.20 a barrel by 1810 GMT, heading for its biggest weekly drop since February.
Brent crude futures fell $ 2.25, or 3.10 percent, to $ 69.93 a barrel.
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