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BUSINESS NEWS | Thu May 18, 2017 | 9:13am EDT
Oil falls as market stays well supplied despite cuts

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By Christopher Johnson | LONDON
Oil prices fell on Thursday on signs that the market remained well supplied with crude despite efforts by OPEC and other big exporters to curb production and support prices.

Signs of a deepening political crisis in Washington accelerated the decline in prices with investors becoming increasingly cautious following the latest reports of links between Russia and the team in the White House.

Brent crude LCOc1 fell $1.10 a barrel to a low of $51.11 but recovered ground to trade around $51.61, down 60 cents, by 1300 GMT (9 a.m. ET). U.S. crude oil CLc1 lost $1.02 to reach a low of $48.05 was last trading 55 cents a barrel lower at $48.52.

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