West TX Oil Below $47 on Crude Oversupply Woes

U.S. crude futures fell towards $47 a barrel, close to a four-month low, in early Asian trade on Tuesday after a stock market sell-off rattled investors, adding to concerns of an oil supply glut, although a weaker dollar put a floor under prices.

Stocks in New York and Europe fell on Monday after Chinese stocks plunged more than 8 percent in Asian trading, the biggest one-day drop in eight years and heightening worries about the health of the world’s biggest energy consumer.

U.S. crude for September delivery dropped 30 cents to $47.09 a barrel as of 0020 GMT, after ending the previous session down 75 cents. It fell below $47 post-settlement, the lowest since March 24.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.