Oil is getting squeezed again as fears about global supply issues continue

Oil prices are slipping yet again on Tuesday, as fears of oversupply continue to depress the market with no end in sight.

Prices in West Texas Intermediate (WTI) crude oil tumbled to $38.59 as of 12:30 p.m. GMT (7:30 a.m. ET), down from an Easter weekend peak of $40.13.

Meanwhile Brent oil dipped below $40 per barrel once again, to trade at $39.92, off more than 2.3%

WTI crude oil has fallen more than 2% in trading today. Here’s how that looks:

Brent oil has also tanked on Tuesday, dropping back past $40 per barrel. Here’s how the European benchmark looks:

The latest figures suggest that the two month oil rally, which has seen prices grow more than 45% since mid-February, may have petered out as the concern over supply refuses to go away. OPEC and other major oil suppliers, including Russia, are still set to meet in Doha, Qatar on April 17 to discuss price freezes.

All eyes are also on US Federal Reserve president Janet Yellen, who will make a speech at the Economic Club of New York at 11:30 a.m. ET (3:30 p.m GMT) on Tuesday.

In other oil related news, The Guardian reports that shares in oil exploration company Rockhopper fell by more than 10% upon a UN announcement that Falkland Island drilling sites fell under Argentinian territory.

The UN decided to expand Argentine sea territory by 35%, which covers the much disputed Falkland Islands. Britain has maintained that Falkland Island residents cannot be forced to accept Argentine rule against their will, but that sovereignty probably won’t be extended to oil drilling in the area.

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