Crude oil futures fell lower today, since a glut in global supplies continued to dominate market sentiment.
On the New York Mercantile Exchange, U.S. crude oil for delivery in
February traded down $0.25 or 0.51% to $48.57 a barrel during European
early afternoon trade, as Investing.com reports.
On Thursday prices jumped $0.14 or 0.29% to settle at $48.79. Futures were likely to find support at $46.83, Wednesday's low and a more than five-year low and resistance at $52.73, the high from January 5.
The commodity has been under broad selling pressure since the Organization of Petroleum Exporting Countries decided in November to maintain its output target at 30 million barrels a day.
The decision disappointed hopes the oil cartel would lower production to support the market, as a surplus develops amid the shale boom in the U.S., which is pumping at the fastest pace in more than 30 years.
On the ICE Futures Exchange in London, Brent oil for February delivery dropped $0.47, or 0.93%, to hit $50.49 a barrel, with the spread between the Brent and the WTI crude contracts stranding at $1.92.
Separately, the US dollar index was hovering near 12-year highs at 92.40, boosted by the diverging policy outlook between the Federal Reserve and central banks in Europe and Japan.
