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Oil hits six-week low as OPEC fails to curb oversupply

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices dropped to six-week lows on Thursday, under pressure from high global inventories and doubts about OPEC's ability to implement agreed production cuts.Brent crude oil fell 30 cents to $46.70 a barrel, its weakest since May 5 and just above six-month lows, before recovering a little to trade around $46.90 by 1345 GMT.U.S. light crude was down 25 cents at $44.48, also not far off six-month lows.Both crude benchmarks have lost all the gains made at the end of last year after the Organization of the Petroleum Exporting Countries agreed with other ...

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First Published: Thu, June 15 2017. 20:22 IST
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