Oil prices edged lower on Thursday

International benchmarks for oil prices posted modest loses on Thursday (24 March) despite the number of US active oil rigs reduced by 15 for the week ending 25 March. Analysts blamed the drop to the concern over the supply glut has overshadowed other market aspects. In fact, many industry experts are saying that EIA report showed  a huge number of inventories which market cannot shrug off easily, and therefore any market effort to recover in the near term would be weighed down without any concrete action from OPEC and non-OPEC countries.

WTI closed at   $39.46/b (-$0.33)
Brent closed at $40.44/b (-$0.03)

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