Oil prices fall as concerns over global fuel glut re-emerge

Crude Oil
Oil prices fell on Wednesday, pulled down by a report of surging US crude inventories, rising output in Nigeria and squabbling among producers about a planned output cut, which together re-ignited concerns over a global supply glut.

US West Texas Intermediate crude oil futures were trading at $49.34 per barrel at 0012 GMT, down 62 cents, or 1.24 per cent, from their last settlement.

International Brent crude futures were down 53 cents, or 1.04 per cent, at $50.26 a barrel.

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