Mumbai, Nov. 21 -- WTI crude oil prices incurred further losses amid oversupply concerns and are expected to settle round a one-week low. The counter is quoting at $58.26 per barrel, down 1.25% on the day in early Asian trades on Friday and is set for a weekly decline of over 3%. API data during the week showed large build in oil inventories although EIA figures revealed a larger-than-expected withdrawal of crude oil stocks. Meanwhile, producer countries are expected to continue hiking output in times of weaker global demand, which is boosting market concerns of an oversupply.
Published by HT Digital Content Services with permission from Capital Market....