Oil Prices Fall As Analysts Say Market Still Oversupplied
August 25, 2016
Oil prices fell over 1 percent on Tuesday, with Goldman Sachs warning that August’s price rally had been overdone and that a proposed oil production freeze at current near-record levels would not help rein in an oversupplied market.
International Brent crude oil futures were trading at $48.54 per barrel at 0235 GMT (1035 ET), down 62 cents, or 1.26 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude was down 76 cents, or 1.6 percent, at $46.65 per barrel.