Fears of oversupply pull oil prices down

Fears of oversupply pull oil prices down

Oil prices on world exchanges continue dropping.

As of 08:29, the price of a barrel of Brent crude dropped 0.78%, reaching $40.55. WTI oil prices dropped by 0.69% to $39.12 per barrel.

The decline in world oil prices is associated with the publication of the American Petroleum Institute (API) and the US Department of Energy's new statistics. Last week, US commercial crude oil inventories increased by 9.4 million barrels, RIA Novosti reports.

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