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Oil prices drop as oversupply concerns linger

Reuters  |  SEOUL 

By Jane ChungSEOUL (Reuters) - Oil prices fell on Friday, dragged lower by persistent oversupply worries despite a bigger-than-expected drawdown in U.S. crude inventories.Investors were also keeping a close eye on the broad market impact of tensions between the United States and North Korea.Brent crude, the global benchmark, was at $51.62 a barrel at 0652 GMT, down 28 cents, or 0.54 percent from its last close. That was the lowest since Aug. 1.U.S. West Texas Intermediate (WTI) crude was down 32 cents, or 0.66 percent, at $48.27 per barrel, reaching the lowest since July 26. Oil prices ...

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First Published: Fri, August 11 2017. 12:31 IST