Brent crude fell towards $53 a barrel on Wednesday as US crude stocks were forecast to have surged for the tenth straight week to a new record high, fuelling supply concerns of a global oil glut, although a weaker dollar kept a floor under prices.
Brent for May delivery fell 25 cents to $53.26 a barrel in early trading on Wednesday after ending the previous session 7 cents up at $53.51.
Brent crude fell towards $53 a barrel on Wednesday as US crude stocks were forecast to have surged for the tenth straight week to a new record high, fuelling supply concerns of a global oil glut, although a weaker dollar kept a floor under prices.
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