In early trading on Wednesday there were no signs of a turn-around, with Brent crude futures trading at US$50.95 a barrel at 0137 GMT, down 15 cents from their last close, and US futures remained under US$48 at US$47.97 per barrel - AFP Photo.
SINGAPORE: Oil prices remained near 5½-year lows in early Asian trading on Wednesday after prices saw yet more heavy falls in the previous session, and analysts said a supply glut meant that more falls were likely before a rebound.
Global oil markets on Tuesday slumped for a fourth straight session to 5½-year lows as mounting worries about a supply glut pressured crude prices, which have fallen almost 10% this week to their lowest since spring 2009.
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