Oil is below $ 50 a barrel

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Natural Resources of Iraq

Brent crude remained below $ 50 a barrel on Wednesday, weighed down by further supply increases despite OPEC’s pledge to cut output, but political tensions on the Korean Peninsula and the Middle East have reduced losses.

By 0651 GMT, Brent crude futures were $ 49.60 a barrel, unchanged from the previous close.

US West Texas Intermediate crude futures fell six cents to $ 47.02 a barrel.

Despite the declines, the two contracts rose nearly 12 percent from their low levels on June 21, although crude prices remain below $ 50 a barrel.

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