Oil prices shot up above $50 per barrel this week, only to sink back on fresh evidence of high crude supplies.
Benchmark Brent crude lost $1.05 to trade at $49.49 per barrel late afternoon Wednesday. This compared with just over $49 per barrel at the same time the previous week.
Brent prices had soared by about 3% on Tuesday on news of a strike at Brazil’s state producer Petrobras and the closure of a key Libyan oil terminal.
In
