Oil Prices dip on strong Dollar and firm global supply
Singapore - QNA
Oil prices slipped in Asian trade on Monday on a strong dollar and signs that global crude supply is holding up even as volumes hit by unplanned outages rise to at least five-year highs.
Brent futures LCOc1 were down 18 cents at $48.54 a barrel as of 0421 GMT, after ending the previous session 9 cents down.
US crude futures CLc1 fell 26 cents to $48.15 a barrel, having settled down 41 cents in the previous session. Global oil supply has still outstripped demand by around 1.5 million barrels per day, Russian Energy Minister Alexander Novak said on Friday.
In a further indication of abundant supply, the number of rigs operated by US drillers was steady last week for the first time this year.