2 May 2005, 15:28 Oil prices fell more than 1 % just above the $49 mark
Oil prices fell more than 1 percent on Monday, hovering at a 10-week low just above the $49 mark as higher OPEC supply and swelling crude stocks in the United States weighed on the market.
U.S. light crude dropped to an intraday low of $49.03 a barrel, the lowest since Feb. 22 and almost 16 percent below the record $58.28 struck on April 4.
U.S. crude was 58 cents down at $49.14. Markets in Singapore and London were closed for a public holiday.
Prices came under selling pressure last week as U.S. crude stocks jumped by a surprising 5.5 million barrels as imports into the world's biggest comsumer surged to almost 10.9 million barrels per day (bpd), the third-highest weekly volume on record.
The Organization of the Petroleum Exporting Countries has pledged to increase supplies to cool prices down to below $50 a barrel, which has helped to build U.S. crude stockpiles to the highest level since mid-2002.
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