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Brent crude and West Texas Intermediate are trading closer to five-year lows. Brent Crude lost -1.18% trading at USD66.05 a barrel, and West Texas Intermediate declined -1.55% currently quoted at USD62.83. Oversupply and slowing global economic growth continue to weigh on prices. A price war between Saudi Arabia and Iraq, the two largest producers within the OPEC, puts further pressure on prices as they fight for market shares. Yesterday Algeria's Energy Minister said that there is a possibility of an emergency meeting of the OPEC before the scheduled meeting in June. Crude inventories in the U.S expanded by 4.4 million barrels to 377.4 million barrels last week according to the API. Analysts expected a decline by 2.2 million barrels.
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