Futures Movers: Oil prices fall more than 1% as traders fret about U.S. crude stockpiles

Oil prices on Wednesday added to their drop for the week, as analysts blamed worries about rising U.S. supplies and doubts about OPEC’s production cuts.

May West Texas Intermediate crude CLK7, -1.39% fell 67 cents, or 1.4%, to $47.57 a barrel, while May Brent crude LCOK7, -1.45% gave up 73 cents, or 1.4%, to $50.23 a barrel.

“This puts Brent at its lowest level in nearly four months. WTI is trading only marginally above the 3½-month low recorded a week ago,” said Commerzbank analysts led by Carsten Fritsch in a note Wednesday.

On Tuesday, the U.S. oil benchmark settled at its lowest closing level since November, in volatile trading tied to the expiration of the April futures contracts.

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