Oil back in the red as supply glut concerns return

Oil prices on both the sides of the Atlantic dropped on the final trading day of the week, snapping the rebound seen in the last US session.

Oil eyes US rigs count, CPI data

Currently, both crude benchmarks turned negative, with Brent down -0.84% at $ 46.20, while WTI drops -0.82% to $ 43.55. Oil prices fell back in the red and resumed its recent downward spiral, after a temporary reversal seen on Thursday.

The black gold turned in the red this session on the back of reports that the Libyan and Nigerian exports returned to markets, reinforcing supply glut concerns.

Moreover, traders also took profits off the table after yesterday’s relief rally, as all eyes remain on the US rigs count data, especially after last week’s data showed that the no. of rigs in the US continued to rise.