# Oil prices pinned near five-month low as supply glut weighs

> Oil prices fell further to five-month lows in Asian trade after the previous session's drop, erasing all gains since OPEC's output cut. Brent traded near $48.28 and WTI near $45.40, with analysts doubting OPEC would deepen cuts.

- Date: 2017-05-05 · published 2017-05-05T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/11194-oil-prices-pinned-near-five-month-low-as-supply-glut-weighs
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Concerns about global oversupply and doubts over deeper OPEC cuts keep crude prices under pressure, lowering energy costs but reflecting weak demand sentiment across commodities.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- business-standard.com: https://www.business-standard.com/article/reuters/oil-prices-pinned-near-five-month-low-as-supply-glut-weighs-117050500171_1.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.