US crude falls below $42 on supply glut concerns

Source: Reuters
© ScanPix/Reuters
The futures for WTI crude dropped below $42 per barrel on Friday, reaching a fresh six-year low, as rising oil stocks in the US added to concerns over global supply glut. The US crude was trading at $41.96 per barrel by 04:23 GMT, while Brent futures edged slightly higher at $49.60. Meanwhile analysts predict that slowdown in China's economy, world's top energy consumer, could put more pressure on oil prices. 
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