Oil Eases On Oversupply Concerns Ahead Of Holiday

Oil prices dipped on Monday ahead of the Christmas holiday break, adding to last week's steep losses on concerns about a global oversupply.

International benchmark Brent crude futures fell 27 cents, or 0.5 percent, to $53.55 a barrel at 0106 GMT. Brent touched $52.79 on Friday, its lowest since September 2017.

US West Texas Intermediate (WTI) crude futures eased 8 cents, or 0.1 percent, to $45.51 a barrel. WTI hit its lowest since July 2017 on Friday at $45.13.

Rising oil supplies and a slowing global economy have put crude oil under pressure, with both benchmarks down more than 35 percent from their recent peaks in early October.

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