MW: Oil prices fall more than 1% as traders fret about U.S. crude stockpiles
Oil prices on Wednesday added to their drop for the week, as analysts blamed worries about rising U.S. supplies and doubts about OPECâ€™s production cuts.
May West Texas Intermediate crude CLK7, -1.47% fell 67 cents, or 1.4%, to $47.57 a barrel, while May Brent crude LCOK7, -1.53% gave up 73 cents, or 1.4%, to $50.23 a barrel.
â€śThis puts Brent at its lowest level in nearly four months. WTI is trading only marginally above the 3Â˝-month low recorded a week ago,â€ť said Commerzbank analysts led by Carsten Fritsch in a note Wednesday.