| Oil prices remained under pressure in Asian trade Tuesday, with US oil prices struggling to move above the $US50 mark amid persistent concerns over a global oil glut. A stronger US dollar is also weighing on oil prices after the ICE US dollar index hit a three-month high on Monday, triggering a selloff across commodities as investors shifted to other asset classes.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at $US50.00 a barrel at 0304 GMT, down $US0.15 in the Globex electronic session. It lost 1.5 per cent in the previous session, falling to a near four-month low of $US50.15 a barrel. September Brent crude on London's ICE Futures exchange fell $US0.10 to $US56.55 a barrel...............................................Full Article: Source
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