3/20, 2:41 PM (Source:
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Oil prices extend losses on oversupply concerns

Oil prices have fallen more than 1% on Monday as the United States added 14 rigs last week and the market has grown more doubtful that production caps introduced by the Organization of the Petroleum Exporting Countries and the bloc of non-members led by Russia will tackle the long-standing oversupply.

West Texas Intermediate (WTI) crude for delivery next month shed 1.33% to $48.13 a barrel, while the price of Brent for May shipment decreased 0.69% to $51.4 per one barrel (both 2:29 pm CET).

TeleTrader Newsroom / KV