Oil prices continue to decline

Oil prices fell on Thursday, influenced by the general atmosphere in the global markets already saturated, traders said, but about supply if prices gained apparently in support of the current rates.

By 0644 GMT, the US median 25 cents futures for WTI fell equivalent to 0.5 percent from the previous settlement record of $ 49.37 a barrel. US crude lost about 8.5 percent of its value since its peak in April.

Brent crude fell 19 cents, or 0.37 percent, to $ 51.63 a barrel. Brent almost nine percent from the peak of April.

Traders said that prices fell in the past weeks due to the global oil markets continue to suffer from oversupply despite efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to cut production about 1.8 million barrels per day in the first half of the year to balance the market and support prices.

The United States announced decline in commercial crude oil inventories have on Wednesday, but the decline came from high levels near record while fuel inventories increased as refiners produced larger quantities of markets to absorb the capacity.

But analysts said prices received support around current levels in anticipation of the exercise of OPEC pressure to extend production cuts agreement to cover the entire current year.

The rise in oil exports and revenues for the month of March
US stocks drop

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