On Wednesday, Brent crude oil traded below $50 a barrel, weighed down by another the growth in OPEC supplies despite the agreement of cut production, but geopolitical tensions in the Korean peninsula and the Middle East took precedence over prices.
Brent crude futures, the international benchmark crude oil prices settled at $49.60 a barrel. WTI futures fell 6 cents to $47.02 a barrel.
Despite the loss, both markets recovered about 12% from recent lows on June 21, although oil prices seem continued to trade below $50 a barrel.
"Oil "bulls" have many obstacles that must be overcome", - said Stephen Schork of the Schork Report, pointing to the growth in OPEC production and a high level of production in the United States.
OPEC exported 25.92 million barrels per day in June, 450,000 barrels per day in May and 1.9 million barrels more than the previous year.
"The global oversupply of raw materials and OPEC production edging higher this problem remains a key issue for the oil market," commented Dutch bank ING.