FEB 16, 15:09
Oil prices fall as oversupply worries return
Sharekhan Research Riverting Metal - 18 Mar 16
Oil fell in Asia today, ending a brief rally stoked by news US gasoline inventories
fell after OPEC kingpin Saudi Arabia shot down hopes for an output cut. Prices rose
the previous day as traders looked past an increase in US commercial crude inventories
to a record high to a fall in stocks of refined products like gasoline.
But worries about brimming supplies quickly returned to the fore as hopes the world's
top producers had sealed a deal to limit their output were swiftly dashed. "OPEC
is not going to be able to do anything, that's the reality of it," said Michael
McCarthy, chief market strategist at CMC Markets Australia.