Oil weakens after previous rise

Source: Reuters
© Scanpix/AFP
After an increase of 3-4% in the prior session, oil prices dropped again. Futures for WTI fell $0.64 to trade at $46.04 a barrel, whereas Brent futures were down $0.48 trading at $48.44 a barrel. According to analysts, such a fall in prices was driven by a weak outlook of the economy and a continuing oversupply of oil. Goldman Sachs along with ANZ and some other banks have projected that a reduction of oversupply will take up to 2016-2017. 
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