Crude Oil Slips Below $40|barrel, But Rebounds Again

Crude Oil Slips Below $40|barrel, But Rebounds Again

Gold Silver Reports — Crude Oil rebounded on Tuesday after falling by up to 10% in one week, but investors remained concerned about oversupply weighing on prices .

Crude Oil Slips Below $40|barrel, But Rebounds Again

Global fuel inventories are brimming as refineries have churned out huge volumes of diesel, gasoline and jet fuel but the supply glut has diminished refining margins and demand failed to keep up with supply. Global benchmark Brent crude was trading up 80 cents at $42.94 a barrel at 1221 GMT .

US WTI crude was up 54 cents at $40.60 a barrel, after briefly dipping below $40.“There is much talk about the product glut replacing the oil glut, and this is a worrisome indicator for crude demand,“ said an oil analyst . — Neal Bhai Reports

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