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Oil prices drop to two-week lows as oversupply concerns linger

Reuters  |  SEOUL 

By Jane ChungSEOUL (Reuters) - Oil prices fell nearly 1 percent on Friday to hit two-week lows, 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 $51.42 a barrel at 0524 GMT, down 48 cents, or 0.92 percent from its last close. That was the lowest since July 27.U.S. West Texas Intermediate (WTI) crude was down 44 cents, or 0.91 percent, at $48.15 per barrel, reaching the ...

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First Published: Fri, August 11 2017. 11:14 IST