LONDON: Oil sank Monday as an oversupplied market offset concerns over unrest in the crude-rich Middle East, where Saudi-led warplanes have struck rebel targets in Yemen.
Brent North Sea crude for delivery in May slid $1.04 to $55.39 a barrel in London afternoon deals.
US benchmark West Texas Intermediate (WTI) for May shed $1.10 to $47.77 a barrel.
“Crude oil prices remain under pressure,” said Myrto Sokou, senior energy analyst at the Sucden Financial brokerage in London.
“The ongoing tensions in the Middle East have failed to provide signs of support in the oil market as bearish crude oil fundamentals continue to weigh heavily on market sentiment.”
Oil has collapsed by as much as 60 percent in value since June on the back of a burgeoning supply glut.