Oil down again as European data suggests oversupply

Oil down again as European data suggests oversupply

Oil down again as European data suggests oversupply Weakness in some sectors of the Eurozone have raised new concern of oversupply of oil, weakening the overnight price of Brent Crude to below $50 before a slight recovery later. The ECB outlook of a 1.4 per cent growth for the bloc (down from a previous reading of 1.5 per cent) combines with China’s slowdown and the end of the North American summer to foretell weaker demand for oil. OPEC has ruled out an emergency meeting and will not discuss output levels until December and Russian deputy prime-minister Arkady Dvorkovich told CNBC Friday that his country will not cut production either.