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Oil prices lower as oversupply fears offset strong demand

Published 03/10/2016, 06:06 AM
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Investing.com - Oil prices slid on Thursday after U.S. crude hit 2016 highs the day before and Brent shot back over $40 per barrel. But analysts warned that larger gains would be unlikely as a global glut continues to outweigh strong demand. Prices rose as much as 5% on Wednesday, as a big gasoline inventory drawdown overshadowed record-high crude stockpiles. But analysts warned that a global crude production overhang of over 1 million barrels per day showed few signs of abating.

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