Oil slips on Monday as investors digest supply glut

Source: WBP Online
© Reuters
Crude prices decreased, as traders tried to calculate a rebalancing point for oil after US rig count was reported unchanged on Friday. WTI futures fell 1.2% to$47.82 per barrel and Brent dropped 1.1% to trade at $48.19 per barrel. Both benchmarks ended previous week in the green and hit multi-month heights. In the meantime, Alexander Novak, Russian Energy Minister, announced, that global supply still exceed demand by 1.5 million barrels per day.
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