Oil Prices Go Down on U.S. Statistics Data

Oil prices continued their decline on Intercontinental Exchange on Friday, October 30.

Brent futures fell 0.37% to $48.59 per barrel, while WTI futures were down by 0.54% to $45.81.

The market is impacted by the statistics data from the U.S. The country's GDP in Q3 grew just 1.5%, down from a 3.9% gain in Q2 2015. Economists had forecast GDP expanding at a 1.6 % rate in the third quarter.

Experts say the present global oversupply indicates that the oil price will further come down.