(FE)
Oil prices fell early on Wednesday, squeezed between concerns of oversupply, sparked by rising Libya output, and fears of reduced future investment in the industry. Brent crude futures, the international benchmark for oil prices, were at $51.61 per barrel at 0105 GMT, down 26 cents, or 0.5 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $47.63 a barrel, down 20 cents, or 0.4 percent. Bernstein Research warned that low prices and ample supplies were resulting in low oil industry investment levels.“We see (oil and gas)…order intake activity at almost the same low level as in 2016…For now, we remind investors that contract levels appear to still be insufficient to drive recovery in earnings,” Bernstein Research said.
